Buying a condominium property in Canada? It’s easy even for the expats to buy property there in Canada not just because of its vast land and lucrative Canadian real estate market but the main reason behind it’s the friendly policy opts towards buyers and expats. However, the most important thing is to make a well-informed decision when it comes to choosing a property in Canada.
There is a wide range of condo communities (established and new) so a buyer might become overwhelmed in selecting a ‘right fit’ for himself. But there are some important things that every buyer needs to pay attention for making a wise decision. Here are important things that you need to consider when buying a condo property in Canada.
Make Sure You’re A Condo Person
A condo offers many advantages but there is a clear difference between owning a home and owning a condo. A condo is a unit or shared space in a building with so many other owners. So one owner is dependent on the other owner and association for maintenance, building development and address issues. However, condos are not expensive and usually they are cheaper than buying home. If you can live close to neighbours and understand its financing and fees then it will be a great choice.
Research A Right Condo Association
Finding the best condo association is the most important part of condo hunting. Looking into the condos and building structure is good but investigating about the condo association is the most important that you should pay attention to. Asking the owners of that condominium property is a good way to know about the condo management. Investigate about the management team, how they solve issues and whether they provide everything same as they offer or not. For example, if you’re interested in purchasing Saskatoon condos then know who is in charge and how they deal the issues.
Verify The Condo Reserve Fund
Every condominium association has a reserve fund that is collected from the owners for the repair and maintenance of the building. Depending on the state laws, all condo associations need to provide the reserve study to the state department after some years. It includes all the details about owners and fund. The best tip is to get the reserve study by requesting to association and find out that how many owners are paying fees and funds. If the neighbourhood financing is not properly managed then it is not a good option because mismanagement decreases the value of property.
Choose FHA Approved Condos
FHA approval is the most important thing that a buyer should consider while purchasing a condo especially those who have not substantial savings. The first time buyers can secure a significant loan from the FHA approved condos like Regina condos, making the purchase easy for them. If a condo complex does not have such approval it means you cannot secure the purchase with the loan.
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