Shopping for a condo in Mississauga can be quite a challenging experience, especially if you do not have a lot of experience in real estate. To ensure that you get the right condo at a great deal, you should consider employing the services of a realtor. There are many realtors available in Mississauga, but ensure that you only enlist the services of a licensed, experienced, and trustworthy realtor when buying a new condos in Square One. Below are a few helpful tips that you can use when buying a condo in Mississauga.
It is essential that you secure the financing of the condo before you even begin shopping for it. If you wish to get a mortgage, for example, make sure that you get a pre-approval first. This is because it might be a bit more challenging to secure a loan for a condo as compared to other housing units, given that most lenders disallow condo purchases. Working out the finances will also help you to narrow down on your options to only what you will be able to afford, making the search a lot easier.
Know the Association Fees
A majority of condo communities usually have some fees that each resident has to pay. These fees are for various expenses such as security, maintenance, and insurance. The charges might include annual, bi-annual, quarterly, or monthly. Find out everything you need to know about the association fees, including how the fees are arrived at and how they are put into use. The amount may also influence your decision as to whether to buy the condo or not.
Review the Association Rules
There are usually rules and regulations that are set by condo associations to ensure that all members of the condo community live in peace. The rules can limit what you can do even though you own the condo. For example, the rules might include a restriction on pet ownership. If you are a pet owner, such a condo might not be the ideal choice for you.
Who Manages the Property?
You should know who is charged with the responsibility of managing and maintaining the condo. For example, who should clean the common areas? If a company is in charge of maintenance and management, make sure that they are very competent in what they do. This is because poor maintenance can significantly affect the resale value of the condo.