Are you considering purchasing a condo for the first time? Regardless if you’re considering moving to Stoney Creek condos in Hamilton, ON or elsewhere in the GTA you need a plan of action. Here at King’s Park, we want you to consider these invaluable tips before starting the process. Good luck!
Pre-construction or resale?
It’s important to know the difference. A pre-construction condo is exactly what it sounds like: a condo for purchase that hasn’t been built yet. These types of Stoney Creek condos allow you to customize your home as well as giving you more time to save for a down payment. Patience is key here: some of these properties take a few years to build so don’t expect to move in anytime soon.
Resale condos are a good choice if you need to move right away. It’s more akin to buying a traditional home as you know exactly what you will be getting once you walk into the home. Ask yourself: do you need to move now or can it wait? Do you want a home that’s essentially still in plastic wrap and new, or will an aging condo suffice? Only you know the answers.
Be competitive, obtain financing
The moment you know you’re serious about buying a condo, acquire financing. Speak to a mortgage broker to find the perfect mortgage for your situation at the best deal possible. Once you have been pre-approved for a mortgage, you can then begin seriously discussing purchasing a condo. This will allow you to be competitive among other browsers: especially if not all of them are pre-approved. Sellers want to choose someone that’s actually going to come through and purchase the condo rather than someone that wants to buy a condo but doesn’t have the proven means to do it.
Is the location, ‘you?’
Don’t judge Stoney Creek condos solely on the price: be sure that the location fits you. Not every neighbourhood is created equally. Think about it: neighbourhoods provide services and amenities tailored to the residents that live there. If you feel you’re not being tailored to as you browse a neighbourhood you’re probably not going to enjoy living there. Go to where you feel most comfortable, not what’s most comfortable on your wallet.
Understand condo fees and how they apply to your property
It never fails: would-be homeowners get excited to purchase a condo only to learn about condo fees. These fees make it possible for Stoney Creek condos to maintain amenities and the property as a whole. It’s also what makes major repairs such as roof repair and landscape renovations possible. Every condo owner has to pay their fair percentage and they’re just as vital to keeping your home as paying your monthly mortgage.
Get a status certificate to learn if you the condo owner is reputable
Condo fees are the lifeblood of property maintenance. When you pay a condo fee, a portion of that amount goes into a reserve fund: this is what finances the major repairs discussed above. A status certificate will tell you what your condo fees will be monthly. Beyond that, it can also tell you if there are any legal woes affecting the developer. It can also tell you how many Special Assessments have taken place along with meeting minutes. In both cases, you can glean if a condo owner is reputable and won’t mismanage their funds or if you need to look elsewhere.
What are the amenities?
While amenities shouldn’t be the main draw to any Stoney Creek condos, it’s a good idea to consider what they are before moving. Think about how you can incorporate these amenities into your day. For example, if your condo has a market and dry cleaning on the first floor that will save you a few errands a month this makes it a better buy since you will save time and money overall. Choose a condo that utilizes amenities you’re going to want to use, but don’t let it be the deciding factor.