Buying a condo can be exciting, but without the right guidance and advice from an experienced realtor, it can also be fraught with potential pitfalls. Whether you’re considering buying a Hillhaven Condominium in Toronto or another city, here are seven common mistakes to avoid when shopping around for your new home.
1. Not Doing Your Homework
When looking at condos, there are several things to consider before signing on the dotted line. From researching the location of your desired property to gaining insight into the condo association fees and rules, doing your due diligence is essential for ensuring you make a sound investment. Before visiting any showings, take some time to research the local real estate market and compare prices within that area. It’s important to understand how much similar units have sold for recently so you can understand what you should expect in terms of pricing when you go out house hunting.
2. Failing To Plan Ahead Financially
It’s easy to get carried away by the idea of owning your own place; however, it’s important not to overlook the financial considerations that come along with condo ownership. Budgeting ahead of time is key to making sure that all monthly expenses, such as mortgage payments, taxes and other fees associated with owning a property, are covered comfortably each month. Don’t forget about additional costs such as insurance premiums, maintenance fees and any renovations or repairs that may arise in the future too – these need to be factored into your budget too!
3. Ignoring Property Documents
Once you begin seriously considering properties, request copies of all relevant documents from the seller or their agent including tax and zoning information as well as copies of contracts between owners and tenants if applicable – don’t skip this step! These documents will give you valuable insight into what kind of maintenance is required within the building, who pays for what utilities etc., which will help inform your decision-making process down the road should any issues arise after purchase.
4. Overlooking Building Amenities
When looking at apartments online or at open houses, pay attention to details such as the amenities offered within each complex, such as swimming pools, gyms, etc., as these could add value over time if used frequently, or even attract prospective tenants should you decide renting is more suitable than owning at some point in the future. In addition, keep an eye out for things like security measures (such as access control systems) or whether pets are allowed in certain buildings – both factors that could affect the appeal down the line depending on personal preferences and lifestyle needs, so these should not be overlooked during initial viewings!
5. Missing home insurance requirements
Most lenders will require condominium buyers to take out home insurance on their newly purchased property before closing day, so this shouldn’t be overlooked either! Make sure this coverage includes protection against theft/accidental damage/fire etc, depending on where exactly the unit is located & amount being borrowed from lender – different plans may offer different levels of cover so do research ahead of time to ensure proper protection placed without breaking budget limitations too much!
6. Underestimating closing costs
Closing costs usually range anywhere from 2%-5% of the total sale price depending on state laws & other factors involved in the transaction (elevator inspection fees etc.), so make sure to factor these into the overall budget planning process ahead of time to avoid surprises down the road once the close date approaches! Many first-time buyers tend to underestimate the one-off costs associated with owning a property, instead relying solely on estimates provided by lenders during the pre-approval stage – always double-check these calculations yourself though, just in case anything has changed since then!
7. Skipping a professional home inspection
A professional home inspector can identify potential problems with the building structure, electrical wiring, plumbing, HVAC, etc., long before the buyer ever moves onto the premises, which is why skipping their services is a bad idea, no matter how tempting the offer looks at the front end! Investing a few hundred dollars now could save thousands of dollars in headaches and aggravation later down the road, especially since most contracts typically contain clause allowing buyer to “out” deal if certain conditions are not met upon inspection (such as evidence of mold infestation).
Final Thoughts
Buying a condo requires careful consideration, and many moving parts involved, which is why getting an experienced realtor on board early is helpful – they know local market trends & regulations better than anyone else, making them an invaluable resource throughout the entire buying process Hillhaven Condominium included! With these tips in mind plus a little pre-planning preparation, first-time buyers should be able to navigate the waters confidently and soon become proud owners of beautiful new properties themselves!
