27 Jan Guide to Buying a Condo in Guelph
Are you thinking about purchasing a condo?
If so, this is an incredibly exciting time in your life, no matter if you’re a first-time buyer or looking to downsize! However, it’s also a time when some important decisions need to be made, but don’t let this overwhelm you because we’re here to help. Here are a few things to consider before buying a condo in Guelph.
Should you buy a new build or a resale condo? Well there are benefits to both.
New Condo Benefits:
You have several options when purchasing a property and each option has its own pros and cons. However, the one that’s right for you can be determined by considering your homeownership goals, your budget, and your tolerance for work needed to be done on a property. Guelph has many options for you to choose from whether you’re interested in buying a condo, townhouse, or a detached home.
You’re able to select the style of suite that you’re interested in! Choosing the interior finishes and colour schemes yourself is also great because you won’t have to worry about doing a bunch of renovations.
More Time to Save:
Once you’ve put down your initial deposit, you will generally have some more time to build up a bigger percentage to use at your down payment while the condo is being built.
Always ask if there will be any deferred costs before you decide to buy, and based on this answer, make sure you can afford an increase in condo fees.
There are many new condos in Guelph that are currently available to learn more about some of your option such as the Vantage Luxury Suites and Grange Hill Point.
Resale Condo Benefits
What You See is What You Get:
It’s sometimes difficult to imagine how a space will be for you when just looking at renderings or well-decorated showrooms. When looking to buy a resale condo, you’re able to walk through a unit and get a feel for the space, which gives you fewer unknowns.
Get to Know the Neighbours:
You’re able to speak to the neighbours to see how their experience has been living in the building that you’re thinking about calling home. This is extremely valuable because you can get a sense of the community.
Now that you’ve decided between new and resale,
You Need to Ask the Right Questions:
You don’t want any unexpected surprises to arise after you’ve made a purchase, which is why asking the right questions is so important. The following are questions you should discuss with a lawyer, real estate agent or accountant prior to signing on the dotted line:
What are the boundaries of my unit?
What are my repair and maintenance responsibilities?
Is there money in the condo’s reserve fund?
How many rentals or mixed-use units are there?
All of your questions should be answered in black and white, with 100% certainty.
Budget for monthly expenses:
Determine how much money you’ll have to pay per month in shared maintenance costs. These expenses can include your parking, pool, gym and locker. Look out for upcoming assessments as well. These are added fees that associations charge to pay for unexpected costs, like emergency repairs, various improvements, and even to cover dues from existing homeowners.