Before you take the final step in purchasing a condo apartment, there is a simple yet important checklist to follow which will ensure total buyers’ satisfaction. With the correct measures in place, choosing the right condo for you and your family will serve as a successful and enjoyable investment.
- THE WHYS AND HOWS OF PROPERTY PRE-EVALUATION
- PLANNING TO BUY A CONDO? HERE’S WHAT YOU MUST ASK YOUR ESTATE AGENT
Perhaps you are a first-time homebuyer, or you are new to condo developments. Following the steps laid out in the checklist below will ease your real estate experience and ensure the best possible outcome. Don’t settle for a quick but risky transaction. Invest in a condo with confidence by following this checklist:
Know Your Stats and Your Players
Before writing up a list of pros and cons for your potential place, there are a few important things to get in order, such as, have you found a good real estate agent? In which district or neighborhood, do you fantasize your dream home to be? And do you have a lawyer who you can consult about the signing of any legal documents or contracts? After addressing these important questions, your next step would include seeing your bank and/or lender about getting pre-approved for a mortgage. You’ll need to know how much you can afford before house hunting, as to not be searching in the wrong price-range. And as you begin to look at Hamilton condos, double check that the apartment has been approved for financing as well.
Now that you’re starting to get serious about a condo candidate, you’ll need to keep your preferred home-layout checklist handy. Does the floorplan accommodate your ideal square footage and the number of bedrooms you’re hoping for? If it’s a contributing factor, does the building and unit provide accessibility for those of limited mobility (wide doorways, ramps, etc.,). Another point to consider is how and where this unit will be heated, cooled and ventilated. Keep in mind the location of the heating and air-conditioning systems, ventilators and hot-water heaters/equipment – are they reachable yet out of sight?
Hamilton Real Estate provides various condo models and options to meet every family’s housing need. From two to three-bedroom apartments, all the way to penthouse suites, you can check adequate spacing off your list!
New Construction Project Checklist
Often, Hamilton condos are newly constructed developments which require a separate checklist in and of itself. Start by confirming if the unit comes with a new home warranty and to what this may entail. Secondly, know the prospective completion date of the project, verifying your purchase agreement before corroborating finances and moving arrangements. And if you would like changes made to the floorplan, ask about the flexibility of rearranging walls, windows and doors, as well as the associated costs. The developer will know more about possible noise and odor-reduction measures and environmentally friendly features available.
Real estate in Hamilton is overflowing with new construction projects, providing a variety of choices to assess. Make note of which appliances are included in the unit, as this may help cut down on upfront costs. And don’t forget to compare the all-inclusive amenities at each condominium, for as they say, ‘the more the merrier’!
Hidden Costs and Fees
Before going ahead with the purchase, you need to be wary of any unwanted surprises. For instance, you will want to investigate the condo’s unit factor and whether it is reasonable. The unit factor is what percentage of the common expenses each owner is required to pay. Unit factors are often based on the size of the unit, meaning different condos can have different fees. Nobody enjoys paying more for their share of the building than necessary. On top of this, decide whether the monthly condo fees are realistic, what do they include and when or if they will increase? And overall, it is important to know exactly what is and is not included in your unit’s purchase price (appliances, amenities, maintenance/services, etc.,). Do not be afraid to ask as many questions as necessary, because it is better to be safe in the long run than to be sorry.
While navigating between various condos on the market, following a checklist if both beneficial and resourceful. It may very well be the difference between a poor investment and your next best real estate adventure. Stay informed and be prepared today.