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7 tips for first-time condo buyers

June 18th, 2018  |  Condo Insurance

You made the decision to finally buy property, and a good place to start is by buying a condo. They are a great investment and tend to be more easily accessible than traditional houses, especially in a big city. But, as exciting as it is, being a first-time condo buying can be daunting. Have no fear though, we came up with a list of 7 tips to help you along your new adventure.

Make sure a condo is the right fit for you

First and foremost, you need to ensure that investing in property and buying a condo is the right choice for you. Becoming a property owner is a big step, and you want to make sure that you are both financially and mentally ready to make that next big step. Additionally, as there are many differences between owning a home and owning a condo, so it is important to analyze your needs and know that a condo is the best fit.

Have your finances in order

Once you decide to officially make the plunge, it is time to get your finances in order. To help ensure that you are approved for the mortgage you need, it is advised that you have your down payment and any necessary documentation ready. Some things to have at the ready can include:

  • Recent pay stubs
  • Bank statements
  • Assets statements
  • Tax returns
  • Down payment
  • Signed application
  • Any associated application fees
  • References

Don’t forget about the condo fees

When budgeting out your monthly expenses, do not forget to include your condo fees. Every condo charges additional fees, but the amount varies depending on the building you buy in, and the unit you choose. The condo fees help to maintain the building, and grant you access to your building’s given amenities.

Understand the rules of the condo

Every condo has rules that it’s residences need to adhere to. And, as those rules can vary from building to building, so it is important to thoroughly understand the rules of your condo. By understanding your condo’s rules, you can help to ensure that you have a good relationship with your building and the other residences.   

Get to know your neighbours

Since you will be living beside them for the foreseeable future, it is best to get to know your neighbours. Unlike with a traditional home, you are in fairly close quarters with your neighbours when you live in a condo. And, while you don’t need to be best friends with your neighbours, it is best to have some familiarity and treat each other with a level of respect.

Furnish your condo with multi-purpose items

Unfortunately, while the prince of condos have gone up, their size have gone down. So, in order to make use of the space that you have, it is best to buy furniture that can serve multiple uses. There are many companies out there that specialize in furniture for condos.

Get condo insurance

To ensure that your unit and possessions are covered, it is important to obtain renters insurance. Many believe that the building’s coverage extends to their individual unit, however that is not the case. The insurance that your building has will only cover the common spaces and some buildings make it mandatory to get coverage for your unit.

Condo insurance is unlike home insurance, as you only need to insure your unit and belongings and not the building as a whole. So, luckily for condo owners, this tends to keep down the cost of insurance. To find the cheapest price for the condo coverage you need, it is best to shop around for a quote online.

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