Resale Condo Buying Guide - Summary

Purchasing a resale condo can be a great way to get into the property ladder or as an investment. Here is a guide to help you through the process:

1. Determine your Budget

Before you start looking for a condo, it’s important to determine your budget. Consider how much you can afford to spend on a down payment, monthly mortgage payments, maintenance fees and any additional costs associated with owning a condo.

2. Get Pre-Approved

It is important to choose a lender that you trust and that offers competitive interest rates and terms. Work with a bank or mortgage specialist who can help you navigate the process and answer any questions you may

have. Once you have found a lender and determined the type of loan, you can get pre-approved for a loan. This will give you a better idea of the amount you can afford to spend on a condo and can also in some cases help you negotiate a better price.

3. Location & Amenities

Choose a location that suits your lifestyle and meets your current and future needs. Consider factors such as proximity to work, shopping, public transport services, parking and amenities. Also consider future resale and rentability. Research the crime rate and safety of the area.

4. Work with a Registered Real Estate Agent

A real estate agent can help you find the right condo and negotiate the best price on your behalf.  Make sure to choose an agent who specializes in or are familiar with resale condos.

5. Go Shopping

Go and actually physically see the units that you like in person. The Real Estate Agent can provide viewing access to the condos you are interested in. Being physically present will help with get a better understanding of how the building is run as well as insight into surrounding areas.

6. Make an Offer

Once you have found a place that you like and meets your requirements. It time to make an offer. Your Agent can help draft and send an official offer. The offer usually contains the purchase price, closing date and conditions among other things. Conditions I always recommend are financing, home inspection and review of status certificate.

7. Review Condominium Documents

This is a very important step. Before you make a purchase, make sure to review the condominium’s documents, including the declaration, bylaws, status certificate and rules and regulations. These documents will give you a better understanding of the condo’s financial health, maintenance fees, and any restrictions on how you can use your unit. The status certificate is typically reviewed by a Real Estate Lawyer. Make sure the lawyer goes through the status certificate in detail.

8. Closing The Deal

After you have reached an agreement on the price and conditions have been fulfilled it’s time to close the deal. Your real estate agent and a closing attorney can guide you through the process and ensure that everything is handled legally and professionally.

Remember, purchasing a resale condo is a big investment. Take your time, do your research, and seek the advice of professionals to ensure that you make the right decision.



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