Understand all fees before buying an apartment
Buyers of condominiums should perform an expert legal review of the status certificate, during which financial and legal information in regards to the unit and the Condo Corporation is listed, emphasized Saunders. First buyers don’t expect some information in these certificates and what this implies for his or her future costs.
“This can actually show you the historical trend of the changes in the maintenance fees, all problems in the building that could cause changes to their common expenditure and similar things,” said Saunders.
“We work a lot with these recent demographic purchase ownership apartments, this is one of the greatest things we see during the transaction process. People are surprised at these fees that they have not really understood before they take on ownership.”
Preparations for the acquisition means many research and online paper calculators, he added legally fees, mortgage insurance for buyers who haven’t any minimum payment of 20% and land transmission taxes, a few of whom are released and provinced.
Compare the very best FHSA prices in Canada
Factor for the fee of home repairs
The buyers must even be prepared for a way of life change in the event that they pursue cheaper property, said Pike, especially if they alter from urban.
During pandemic, she saw buyers flee ontario and British Columbia and opened rural real estate in Nova Scotia. It wasn’t going well for everybody, she said. Driving to a store or gym or doctor can take an hour.
“It’s not just a house to buy a house, and if you know that you are looking at the ocean,” said Pike. “Or something that is inexpensive. There are many things that go hand in hand when you buy rural.”
Another thing that surprises buyers: many homes need work. If you will not be lucky enough to be on the high-end market, it is feasible that many entries in your price range will need tens of hundreds of repairs, said Pike. Many buyers will not be prepared for these costs, added them.
