Generally more affordable, easier to maintain, amenityrich and often located in desirable neighbourhoods, it makes sense why condos are increasingly the popular choice among first-time homebuyers in Canada. However purchasing a condo is completely different that buying a traditional detached single-family home.

 

There are a host of factors to consider that are unique to the condo buying process. If you are a first-time home buyer and looking to purchase a condo, these following helpful tips will guide you through the often times complex journey.

 

Condo vs. House: What is the difference anyways?

When you purchase a unit, ownership is contained within that unit’s living space and a portion of the building’s common spaces and assets.

 

Condo: Not just high-rises

Condos also come in a variety of formats such as units in low-rise buildings, townhouses, and triplexes.

 

Brand-new or resale

Besides dwelling type, when purchasing a condo you have the option between choosing a brand new unit or one that has been previously lived in.

 

Location Location Location

The neighbourhood makes the condo. Ensure your condo has many amenities nearby (such as coffee shops, gyms, restaurants, parks, links to public transportation).

 

Your financial comfort zone: factor in monthly fees

When purchasing a condo, it is not only the monthly mortgage payments you have to factor in, but also monthly maintenance fees.

 

Do your due diligence

It is clear there are a number of different factors to consider when purchasing a condo; as a result, it is imperative that you take the time and do your due diligence.

 

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