Condo buying is generally more affordable, easier to maintain, amenity- rich and often located in desirable neighbourhoods, it makes sense why condos are increasingly the popular choice among first-time homebuyers in Canada.
However purchasing a condo is completely different that buying a traditional detached single-family home.
Condo vs. House: What is the difference anyways?
• When you purchase a unit, ownership is contained within that unit’s living space and a portion of the building’s common spaces and assets.
Condo: Not just high-rises.
• Condos also come in a variety of formats such as units in low-rise buildings, townhouses, and triplexes.
Brand-new or resale.
• Besides dwelling type, when purchasing a condo you have the option between choosing a brand new unit or one that has been previously lived in.
There are a host of factors to consider that are unique to the condo buying process. If you are a first-time home buyer and looking to purchase a condo, these following helpful tips will guide you through the often times complex journey.
Location Location Location.
• The neighbourhood makes the condo. Ensure your condo has many amenities nearby (such as coffee shops, gyms, restaurants, parks, links to public transportation).
Your financial comfort zone:Factor in monthly fees.
• When purchasing a condo, it is not only the monthly mortgage payments you have to factor in, but also monthly maintenance fees.
Do your due diligence.
• It is clear there are a number of different factors to consider when purchasing a condo; as a result, it is imperative that you take the time and do your due diligence.
Download and print Condo Buying for First-Time Homebuyers