Deciding whether to buy a single family home or a condominium is a tough choice to make for some Edmontonians. A number variable come into play and each and everyone of these variable has a major impact in the future lifestyle of the buyer.
If you have decided in favor of a condo, Team Leading Edge gathered 3 simple condo-buying tips to guide you this 2016.
- BRING IN AN EDMONTON REAL ESTATE SPECIALISTS
We’ll make this straightforward, if you want to succeed in this condo buying venture, the best option for you is to work with an Edmonton real estate specialists. It may not be Team Leading Edge but at least work with an Edmonton agent.
It’s a prevailing misconception that Edmonton condo buyers can do it on their own and simply opt-out of hiring an agent. You have to understand, there are an extensive number of differences between purchasing a single family home and a condominium and so it is utterly significant that you or any condo buyer, work with an agent who is knowledgeable with these matters.
Purchase contracts of a condo may extremely differ from that of a single family home so it is at your best interest to work with an agent who has the training and skill to correctly accomplish the contract.
- RECOGNIZE THAT A CONDO LOAN IS DISTINCT
That be fooled, your single-family home loan can be very much different from a condominium loan. Check with your mortgage agent what are the best loan options available for you.
Team Leading Edge have partnered with some of Edmonton’s top mortgage providers, you can view them all here: Edmonton Mortgage Partners
- HOMEOWNERS ASSOCIATION FEES AND REGULATIONS
Condominiums have different sets of Homeowners Association fees and regulations. It is prudent that you check with the Homeowners Association these 2 particular items.
Living in a condominium would mean a lifetime of paying association dues or HOA fee. Depending on the condo regulation, this fee can either be paid on a monthly, bi-annual or annual basis. The fees are paid to cover the maintenance of the common areas and exterior of the condo, utilities and insurance.
Do you have a pet? Yes? It is very important that you check the Homeowner Associations’ Covenants, Conditions and Restrictions (CC&R) to confirm if pets are allowed inside the building.
There can be a long list of restrictions set by the association so take your time and be patient when going over this list. This also proves our point that it is to your advantage when you work with an Edmonton real estate specialist. A competent agent will advise you to make the offer contingent on examination of the CC&Rs.
Following these 3 simple steps can potentially save you time and money. Purchasing a home is one of the biggest investments you’ll ever make in your lifetime so you have to do it correctly the first time.
If you ever need help in your condo purchase, don’t hesitate to can call the team at 780-634-8151.
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge, subscribe via this RSS feed. Make sure to subscribe to Team Leading Edge daily newsletter on the Edmonton Real Estate market.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
Subscribe and get the daily news, updates and latest trends in Edmonton real estate.