Are you considering buying a condo in Ontario? Here are some things to consider (and ask about) before you buy one.
Many Canadians decide to live in condominiums because it can be a relatively carefree housing option. In fact, about one million households in Canada are condominiums. That being said, you have to be careful when deciding to buy a condominium. Here’s what you need to know before you sign on the dotted line.
You also need to know exactly what is and isn’t included in the cost of your condo. Depending on what you are responsible for, a cheaper condo might not be the best deal. You may be responsible for some hidden fees, which could make it more expensive than some of your other options.
You need to know what your monthly condo fees are. It is also important to know what they include. You may find yourself paying fees that you didn’t realize that you had to.
Don’t hesitate to ask if the monthly fee is likely to increase any time soon. You deserve to know if you are going to have to pay more in the next few months.
You should ask about any services offered by the condo (and what they cost). Many condos have trash pickup and snow removal. You may or may not be responsible for paying for these. Sometimes they are included in your monthly condo fee.
Never buy a condo without a home inspection. A home inspection could save you a lot of heartache and money, if something is majorly wrong with it. If there are problems, you can negotiate some more on the price, or you can decide to walk away.
You should always consult with a real estate lawyer before you sign any documents.
When buying a condo, it is important to know what you are paying for. You are going to want to know what you get when you buy it, and what your monthly fee buys. Ask about any hidden fees that may make the condo more expensive than some of the other ones that are available. You should always consult with a lawyer to make sure that you aren’t missing anything!
Don’t hesitate to contact us today if you are in need of a real estate lawyer. We will be glad to help you if you are looking at resale condominiums.
