Posted 4.24.12 @ 7:22 by: Mike McEwen
If you want to buy a condo, you need to go about it in the right way. Looking for Oakville condos for sale on your own is a bad idea; The Goodale Miller Team understands the market to help you find the right home. There are many lakefront condos around Lake Ontario, but neighbourhoods will vary widely. If you’re a single young professional you’ll have different needs than a retired person or a middle aged family of five. Here we’re going to go over everything you need to know about buying a condo.
Why Buy a Condo?
Why should you buy a condominium instead of a house? Condos have a slower appreciation over time compared to other types of housing, so they can be much more affordable in the same neighbourhood, even for luxury condos. If you want to live a low maintenance lifestyle with a beautiful home, condos can help. You’ll have to pay a monthly or yearly Home Owner’s Association fee to keep the grounds maintained and to enjoy the amenities that they provide, but all in all with the right community it is well worth it.
The Legend of the Three Bedroom Condo
When you’re shopping for condos you need a real estate agent… but why? If you’ve been looking at Greater Toronto area listings you may have heard of the legend of the three bedroom condo. Listings are more often one or two bedroom condos, and the three bedroom condo is extremely rare. You’ll need an Oakville real estate brokerage, like The Goodale Miller Team to help you see all the available area properties. Also make sure you look at different properties online, in the papers and real estate guides to see what’s available. Three bedroom condos don’t have to be a legend; you just need help finding them.
Understand Your Contract
Once you’ve found your dream condo, you will want to take a very close look at the sales contract. Sales contracts just aren’t about money changing hands, you’ll also be agreeing to the rules of the co-op or condo. What will be your HOA (home owner’s association) fees? Ask how big the condo’s reserve fund for is repairs; if it’s low you may get slapped with large fees to help fix a roof you just moved under. How do they deal with complaints and disagreements? Are there strange rules like no chairs on your patio, harsh conformity rules? Things like these will affect if you’re going to get along with the condo or not, so make sure you have a real estate agent or contract lawyer to go over the sales contract to help you know if it’s a good fit.
Buying a condo is one part finding the right community, one part finding the right condo and then understanding your contract. Don’t leave it up to chance; take charge of finding your condo and make sure you understand the terms of the agreement before you try it. Contact The Goodale Miller Team today!