Tips for Finding the Perfect Condo in Montreal

Tips for Finding the Perfect Condo in Montreal

For a large number of people, finding a condo for sale is their first step to real home ownership. However, it is important to understand that buying a condo and buying a house is not the same, with each purchase having its own concerns and considerations. If you are ready to make the transition from renting to owning and are looking for a condo in Manhattan, some tips to make this a successful endeavor are highlighted here.

Securing a Loan

When it comes to condos, a lender treats it differently than securing a loan for a single family home. Prior to issuing a loan on a condo unit, the Federal Housing Administration has a number of regulations that must be met. This includes 80 percent of the units in the entire building being owner-occupied and that the building is on the FHA approved condo list.

Consider the Rules

With a large number of people living in close proximity, there are a number of rules that are established in order to maintain the peace. Things to consider include: are pets allowed; are you able to rent your unit if desired; are there any established quiet hours; and what are the rules regarding shared spaces, such as the pool or yard?

Consider the Fees

In the majority of condo’s there will be fees to take care of general expenses, including repairs and insurance that will impact all residents. While you will likely remember to ask the amount of the fees, it is just as important to know what they are paying for. Well-run condos will set aside a portion of the money for emergency funds and structural repairs.

Upkeep and Maintenance

Prior to purchasing a condo, you need to know who is responsible for the upkeep of the building. Does the condo association hire a third party for cleaning common areas and to maintain the condo’s yard, or will you be expected to help out? If the building is lax on the maintenance, it may become frustration to live in, but may also hurt the resale value of your unit down the road. This means you should ensure upkeep is taken seriously.

Make sure you understand what you will be responsible for if something happens, for example, a broken pipe. Will you be responsible for the damage, or the condo association? Understanding these facts will help you know if the condo you have selected meets your needs. Contacting professionals, like those at destinationyul.com will make the search for a condo much easier.

 

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