Things You Should Know When Buying Your First Condo
Buying a condo is different from buying a single-family home. First of all, it is important to understand what a condo is. A condo (known as a “condominium”) is a privately owned individual unit within a larger building or complex. There are certain things you need to know and take into consideration before purchasing a condo unit.
What Should You Take Into Consideration When Buying Your First Condo
Here is a list of things you should consider:
- Every condominium community is different. Every condominium community has its own fees, amenities, and management company. There are hundreds of condominium communities in Ontario, so you should do your research to find a perfect one based on your preferences and needs.
- You will have neighbours close to you. If you are considering a condo, you should be ready for the proximity to your neighbours. Are you sure you will feel comfortable living very close to other people? You should remember that living in a condo means living in a community rather than having your own free-standing residence.
- There are certain things included in your condo. Before purchasing a condo unit, you should find out what exactly your condo includes. For example, most condominiums offer condo owners reserved parking spots and additional storage.
- You will have to pay the association fee. Most condo communities have association fees that residents pay monthly, quarterly, or yearly. This money is usually used to cover such expenses as maintenance and insurance. Before buying a condo, always find out what the association fees are and how they are distributed and divided.
Gujral Law Professional Corporation – Your Trustworthy Real Estate Lawyer in Mississauga, Ontario
Are you thinking of buying your first condo in Mississauga, ON? You should consider working with a professional and experienced real estate lawyer, as any real estate transaction is serious business and requires legal assistance. Mr. Tarunjeet Gujral is a qualified lawyer ready to help you with your residential or commercial real estate transactions, including purchasing a condo. If you have any questions or want to schedule your first consultation with our lawyer, do not hesitate to contact us at (647) 957-8077.Back to Real Estate Page