With the wide range of Montreal condos for sale it’s not difficult to find a condo that fits your needs and budget. But before signing your name on the dotted line, keep in mind the following bits of advice:
Choose a Real Estate Agent Carefully
Your real estate agent will be in charge of making a shortlist of options for you that meet your requirements. That means your choice in a real estate agent can make a difference in your successful (or failed) purchase of a new home.
Know the Neighborhood
As Canada’s cultural juggernaut, you will find that each neighborhood in Montreal has its own character. Pick a neighbourhood that suits your taste and one that is safe especially if you have kids.
Scrutinize Each Potential Condo You Want to Buy
Avoid being taken in by the beautiful interiors and groomed exteriors of the condos. You have to do an ocular inspection of the building and its premises, check the soundness of the electrical and plumbing systems, and determine the unit’s suitability for your needs in terms of size, number of rooms, and even the view.
Attend the Open House
During the open house, you will be able to envision the condo as your living space as well as ask relevant questions of the seller/developer. You may even be able to determine the safety and security, the quality of the facilities and amenities, and the friendliness of the neighbors just by observing the goings-on.
Consider Monthly and Annual Fees as Part of the Purchase Cost
Take into consideration all fees that come with purchasing a condo in Montreal. You will be required to pay maintenance fees, property taxes, parking, and monthly amortizations on your condo, which represent a large chunk of your housing expenses. These fees cannot be negotiated.
Get Your Financing Requirements Ready
If you are like most condo owners, you will be buying the unit and taking out a mortgage to pay for it. Thus you need to ensure that you already have your financing plan in place from your down payment to your bank loan and closing costs. You don’t want to miss out on the opportunity to buy your dream condo when it becomes available, just because you can’t get a loan or don’t have enough money for the down payment.
Take an Objective Look at Your Present and Future Finances
As a rule of thumb, your mortgage should not be more than three times your income. You obviously have to possess the financial ability to continue paying your monthly amortization until your debt is fully paid.
Set Aside 10% of the Purchase Cost for Incidental Expenses
Closing costs, among other incidental costs, should be included in your condo-buying budget, too. In most cases, the closing costs amount to 1.5 to 2% of the purchase price.
As a first-time condo buyer, you should be careful about every decision you make. Buying a home is a substantial investment after all.