Note: this is a partnered post and consideration was received for its publication. CC-licensed photo by Mauricio Lima.
If you’re on the lookout for Montreal condos for sale, you’re not the only one. More and more people now opt to live in a condo for many reasons. It could be due to its proximity to the workplace, as well as to shopping and entertainment centers. Another reason is condos offer a lot of amenities. Whatever your reason may be, it’s important to be well-informed so you don’t make a mistake when purchasing a condo.
Before You Buy
If you’re not familiar with the buying process, hire a realtor to help you sort out the facts. It also won’t hurt if you have a lawyer who is familiar with Montreal laws concerning condo ownership and your responsibilities. Most of the time, the condo manager can settle disputes but it’s better to be sure.
Check your financial status and make sure you’ve got the means to pay for the condo including all the dues. How much mortgage can you afford? If necessary you should calculate these numbers with your accountant or financial adviser. When figuring out the costs, don’t forget that you will need extra cash for attorney’s fees, taxes and the cost of moving.
Be Specific in Your Search
Would you prefer to live in a low rise or high rise unit? What amenities are you looking for? A gym, pool, doorman or something else? Condos highlight their amenities online so it should not be difficult to find out what they have to offer.
While you’re searching, it’s a good idea to buy the biggest unit you can afford. If you have any plans of reselling, large units are more attractive to buyers than studios.
What’s the view like? How convenient is the location? Visit the condo during the day and night: does your positive impression hold up? This won’t just affect your day-to-day living experience but also the potential for resale. There is no need to further stress the importance of location, but make sure you do not buy a condo that is near traffic congested areas.
Other Tips and Suggestions
Here are some more suggestions:
- Don’t buy a unit that is across or beside an elevator.
- If you can get a parking space, go for it. You can either use it or earn extra money by renting it out.
- Some condominium units offer a locker, and if it does you should take advantage of it.
- If this is a resale condo, inspect the condition of the place, in particular the appliances.
- Cleanliness is the hallmark of a good condo, so take a look at the stairwells, hallways, the lobby and other common areas. If these are well maintained it says a lot about the condo management.
Find out what you can about the management’s reputation by talking to the tenants or condo owners. Talk to the manager yourself. Do they answer your questions clearly? Are they helpful? By learning as much as you can about the condo, the less problems you will have to deal with in the future.