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Finding a New Home: Tips on Purchasing a Condo

With an increase in demand for luxurious and trendy homes, condo units are gaining popularity
among the home buyers. It is not only because of their up-to-date looks but also due to fewer
maintenance requirements which is the reason why people opt to live in condo units. Here are
some pros of buying a condo unit:

? Affordable price
? High-quality facilities
? Flexible living
? Better security
? Low maintenance fees
? Sociable neighbors

However, buying a condominium is completely different from buying a single-family based
house. There are certain aspects of condo units that are necessary to understand before buying
any condo unit. As it is the matter of your future so we shortlisted some worthy tips that you
must consider.

Financing
Financing a condominium is not like other common financing methods. So, it would be a very
wise decision to pre-approve a mortgage or to decide the method of financing. Like you can get
a mortgage or loan from a bank or private lenders. It completely depends on your comfort level.
However, rules of banks and government are usually strict as compared to the private lenders.

Must-have amenities
After getting a mortgage/loan, you have to carefully think about the facilities which are your top
priority. Condo complexes contain facilities like gym, yoga centers, cafeterias, restaurants,
parking lots, mesmerizing parks, swimming pools, and tennis courts. Many people buy a condo
because of these amenities, nevertheless, they can vary from one condo building to another.
Some condos can provide gym facilities while others can’t. Similarly, some condo complexes
are devoid of additional parking areas that can be an issue if you are a sociable person who
likes to entertain their guests. That’s why it is recommended to make a list of your favorite
amenities.

Maintenance fees
Some condo complexes have a high maintenance fee that can create a problem afterward.
Therefore, it is better to ask about maintenance expenditures. You can get information from
neighbors too that are living in the building. Another important thing is to know about the
facilities covered by the maintenance fee. It includes insurance or not? And what type of
maintenance will be provided? Usually, HOA provides insurance that covers the furnishing and maintenance of everything outside your condo unit. Thus, it is better to get insurance for the
condo unit as well.

Special assessment
Inquire about the special assessment (that includes a project in the community) i.e. condo
repairing. A special assessment can increase the maintenance fee up to $400 (300euros). It could drop a
bomb on someone’s budget by creating a financial imbalance.

Pro tip
While searching for condo units in Canada we suggest you to take a look at Hamilton’s pre-
construction units as these condos are far better than older buildings. Older buildings usually
contain fewer amenities and high rates whereas you can get a pre-construction condo within a
reasonable price. Moreover, with completion of the condo complex, the rate of your property will
also increase. Thus, buying a condo unit in a pre-construction building is a worthy investment.

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