Tips For Buying a Condo in Mississauga
Posted by Bill on Sep 30, 2011 in Buying, Mississauga Condos | 0 comments
Your Key To Mississauga Condos For Sale
Over the past several years there has been a noteworthy increase in the number of Mississauga condos for sale. To no surprise, Mississauga condos and their neighbourhood communities have a unique charm and allure to them like no other. People now more than ever want a low maintenance, easy going lifestyle, with a pool or a recreation room within arm’s reach. Before you buy your dream home keep in mind that buying a condo can have its surprises. On the bright side, the problems that can arise are foreseeable and can be avoided by doing some research and devising a plan that meets your financial needs. If you are considering buying a Mississauga condo, consider the following tips indispensable.
Looking at Mississauga condos for sale?
5 Crucial Tips to Guarantee Your Satisfaction
Before you begin:
1. Put together a professional support team
Having a team of professionals that can guide you through the home buying process is essential. Legal, financial and real estate professionals can help you develop a successful plan when looking at Mississauga condos for sale.
- Hiring a professional realtor is imperative. He or she will be the single most important person in your home buying process. An experienced realtor will help you from start to finish by give you expert guidance and information. The best part? His or her services are absolutely FREE to you! The sellers will be paying your real estate agent’s fee.
- Consult a mortgage broker to outline your financial situation. This allows you to figure out how much mortgage you can afford to pay and also note the extra costs associated with buying a property.
- Make sure you have a qualified real estate lawyer to help you deal with the legalities of buying a condominium, trust me there can be many.
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While you browse:
2. Be on the look out
While you are browsing for Mississauga condos for sale, it is important to take note of small details that you can later use as a comparative tool, thus using a process of elimination to find a condo that is best for you.
- Look at a variety of condos; while doing so, look at the condition of the condo’s lobby, hallways, stairwells, underground parking etc., to assess how well the condo has been maintained. When looking at the units, look at the condition of appliances, washrooms, floors as well the balcony or terrace.
- Something to consider when looking at a unit is the view. Not only is a nice view pleasant but it will also help when reselling the condo. Moreover, consider the layout of the unit and if it suits your needs. Aim to buy the largest unit you can afford as it will have more storage and will have a better resale value down the road. Another thing to consider is location. Many Mississauga condos have the ideal location as they are located close to buses, shopping malls, schools etc. Visit the area at different times in the day to see if you like the environment.
- Investigate the restrictions of the condo such as number of occupants, overnight guest parking, rental feasibility, use of common areas and restrictions on pets.
- Look at the amenities, for instance: parking space, available visitor parking spaces, locker space for storage, pool, recreation room and determine whether these suits your lifestyle.
3. Talk to people
Talking to long term condo owners will be a vital tool when doing your research. Experienced condo owners will be able to give you the advice needed to determine whether you want to live in a condo or not.
- Talk to at least 3 individuals that have been long time condo owners. Ask them about the history of fee increases, management practices, and their overall enjoyment level with living in a condo.
- Chat with a few people who reside in the actual building where the Mississauga condos for sale are located and don’t be shy when asking questions concerning what they like best about living in their building.
- Inquire about the condo’s management team. Find out how effective the annual meetings are and if owners feel that their opinions are being voiced. Are there any ongoing disputes, do the condo owners and their board of directors get along? It is helpful to have a skilled and professional property manager in place as they hold a great deal of responsibility.
So you found a Mississauga Condo for sale that you love….
4. Details, details, details!
Once you have found the Mississauga condo you love, it is absolutely crucial that you look into the associated costs involved. If you do not pay attention to the details it could create a significant dent in your pocket that could have been avoided altogether.
- Find out the monthly maintenance fees and what they do or do not include
- Look at how much the property tax is and if it is included in the maintenance fees
- Make sure that any alterations that have been made to the unit are legal and approved to avoid costs of getting them approved or removed in the future
- Visit the unit at least twice before making an offer so you can check if everything is still in good standing.
Making an offer
5. Research, Consult and Listen to your support team
When the time comes to place an offer make sure that you are making an informed decision by consulting your team of professionals. Your realtor, financial advisor, and lawyer will be indispensable at this stage.
- Ask your realtor to show you prices for similar Mississauga condos for sale in the neighbourhood and for properties in the same condo building. This way you can sit down with your realtor and discuss a logical offer. Taking the advice of your realtor is not mandatory; however as professionals they will able to give you the best and most knowledgeable advice.
- When you make an offer, indicate that it is conditional upon your lawyer reviewing all of the condominium documents and the status certificate.
- Your lawyer should make sure that the status certificate is up to date. The status certificate will include all important documents, budgets, reserve fund studies, information on meetings etc. Review it carefully with your lawyer and real estate agent.
- Condos are like small communities that are run by their residents. The condo’s Board of Directors must make sure that the common areas are appropriately maintained and this requires a professional reserve fund study. Have your lawyer look at the reserve fund, how much money is in there, how much is needed, and if this suits your budget. A good condo should have an ongoing professional reserve fund study to predict if costs will increase or decrease … and you need to know this information before you purchase!
Now that you have a good idea of what you need to know when looking at Mississauga condos for sale, you can purchase your condo with ease and confidence. Once you have firmed up your Agreement of Purchase and Sale, sit back and relax because all that’s left is moving in and enjoying the luxury of living in your new Mississauga condo!
