A Guide to Buying Your First Condo in Canada

Michael Cannon September 6, 2019 0 Comments
a big condo

If this is your first time to move to Canada, then you must know that condo living is a part of the lifestyle there. Low maintenance, amenities, security, and strategic location are some examples of the reason why many Canadians prefer residing in a condo unit than in a rental house.

In this article, you’ll learn how to get the best condo unit in four steps. Follow through!

Check the Location

You want to live close to the most urbanized area in the province because of the facilities. For example, if you are a professional advancing your career, then the Canary Commons condos are the perfect place to start looking. Located just 10 minutes away from the Financial District in Old Toronto, living there will definitely give you access to many job opportunities and potential business colleagues while still maintaining a reasonable cost of living. Moreover, the note that the transit score in that location is 95 out of 100! It means that you can go to the neighborhood areas effortlessly. Check this map below to see for yourself!

You’ll see how many shopping facilities and dining places are in there. You don’t have to be worried about where to hang out with your friends or family after work. Besides, once you are bored with urban entertainment, you can try walking around the parklands to experience the refreshing green atmosphere.

Look for Amenities

gym machinesIf you rent a house, you must allocate extra budgets if you want to exercise in a gym or swim. In a condo, they are all included. And that is why you must examine the amenities provided by the condo management and see if they fit your interest.

However, do not get swayed by the non-essentials. For instance, you plan to have a car once you move in. It means that the parking lot must provide you with adequate safety and easy access. Second, do not forget to evaluate how Internet access will reach your place. It will be a nuisance if you have to go down to the ground floor first only to use the Internet.

Examine the Contract and the Fees

signing some paperworkIn exchange for all the facilities and easiness, you will have to pay the maintenance fees, or also called as association dues. The money is meant to cover the upkeep of all amenities in the condo so they will always be in the best shape. In your contract, these dues are supposed to be included. And on your end, you must calculate if those expenses are reasonable or not.

Moreover, you will also be restricted from making any improvements that can alter the look of your unit. If you buy a condo, it surely is yours, but with some notes. And you have to pay close attention to those rules, or your unit can lose its market value.…

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Condominiums Benefits for First Time Home Buyers

Michael Cannon March 19, 2018 0 Comments

First time home buyers have a hard time trying to choose the best property that will suit their need. With issues like mortgage payments, initial down payments, design, location and long-term benefits facing them, making the right decision is important. But all said and done, opting for a condominium is the best alternative compared to building your own house as a beginner. Here is why buying a condo is the best option for you.

Affordability

Majority of condos are affordable for first-time homeowners compared to building their own house. With the reduced price come other benefits: an affordable down payment, fewer installments and ease of payments. Compared to building a house and the many logistics to be observed, condominiums make it easy for first-time homeowners to get a suitable home.

Security

Security is also a big benefit that comes with owning a condo. As a homeowner, you are faced with the responsibility of keeping your family and property safe. You may need to build a strong perimeter wall, install surveillance cameras, guards and an automatic gate. Surprisingly, all these security details are provided to condo owners.

Ease of maintenance

Maintaining the lawn, car park, fixing the drainage, broken water pipes or watering the flowers in the garden are part of the homeowner’s responsibility. But condos provide a simpler alternative by having the maintenance jobs done for you at a small monthly fee. Condo owners are members of the association of homeowners. This provides the services of maintaining the condos for the owners making life easier for them.

Buying a condo gives you the freedom to customize its interior as you prefer. You can put wall hangings of your choice, applying the paint color you dream of or add to the design so that it fits your taste. These possibilities do not exist if you are in a rented property.

Amenities

It is one thing to own a home but when it comes with some extra amenities like a gym, tennis court, swimming pool, clubhouse and much more; that’s a bonus. Condos provide their owners with these added benefits. Apart from the maintenance cost for these amenities, the owners face no extra costs but enjoy using them at their own pleasure.

Sure investment

If you ever think of taking another step into home ownership, condos provide you with a great investment possibility. You can decide to sell the condo or rent it on a monthly basis for a fee which will add to your income. Property investors can give you advice on the best possibilities; consult them when making this decision.

Owning a condo as a first-time owner is a suitable choice. The condo market has also become more stable than before making owning one an advantage and having one as an investment the best choice.

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