Mortgage Blog

Condo Buying Guide for First Time Home Buyers

July 3, 2019 | Posted by: Holly Cochrane

Buying a condo 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, buying a condo is completely different than buying a traditional detached single-family home. Holly Cochrane from the Holly Cochrane Mortgage Team explains “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, my team has created some helpful tips that will guide your through the sometimes complex journey.”

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.

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 payment 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.

Do you need more tips on condo buying, or are you looking for a mortgage to get you into a condo? Contact the Holly Cochrane Mortgage Team on 780-485-7908. We are here to assist you through your journey to home ownership.

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