Living in Burlington, ON is like living in paradise. With its stunning lake views, extensive trails and parks, and diverse selection of restaurants, this city has something to offer everyone. But when it comes to buying a condo in Burlington, the process can be complicated and fraught with potential pitfalls.
In this 2023 guide, we’ll cover some of the most common mistakes buyers make when purchasing a condo in Burlington and offer some tips to help avoid them. After reading this guide, you’ll be equipped with the knowledge and tools you need to make an informed and successful purchase.
Know Your Budget
Before you start looking for a condo, take a moment to calculate your budget and determine what you can realistically afford. If you’re obtaining a mortgage loan, you’ll need to know how much you can borrow. Get a pre-approval from a lender, and keep in mind that the amount you’re approved for doesn’t always directly translate to what you can realistically afford. Don’t forget to factor in all of your costs, including closing, legal fees, taxes, moving and more.
Find a Professional REALTOR®
When looking to purchase a condo in Burlington, it’s important to work with an experienced professional REALTOR®. A REALTOR® can find properties that might not be listed on the public market. They can also offer advice regarding neighbourhoods, viewings, financing and other important factors. When looking for a REALTOR®, make sure to check their credentials and ask for references. If you’re looking for a top-notch REALTOR®, Tony Sousa and The SousaSells.ca Team are a great choice.
Research The Condo And Development
Before making an offer on a condo, it’s important to do your due diligence and research the condo and the development itself. Find out what amenities are available, what the condo fees cover and any potential concerns or issues. Once you have a better understanding of the condo, you can make a more informed decision about purchasing it.
Understand Your Expectations
When purchasing a condo in Burlington, be sure to set realistic expectations. Burlington is an incredibly competitive market, and it’s important to make sure you’re not overextending yourself or taking on more than you can handle. Keep in mind that things like location, amenities and view can affect your purchase price and be sure to factor in all external costs, such as taxes, insurance, strata fees and more.
Make a Timely And Competitive Offer
Once you’ve found the right condo, make sure you make a timely offer that’s realistic and competitive. Don’t be afraid to make an initial offer that’s lower than asking to leave room for negotiation. A good real estate agent will help you craft an offer that meets your needs and stands out from the crowd.
Know The Closing Costs
When purchasing a condo in Burlington, you’ll need to be aware of the closing costs. Closing costs can be hundreds or even thousands of dollars, and they typically include things like legal fees, property taxes, and title and strata transfer fees. It’s important to know the closing costs before you start looking for a condo, so you can budget and make sure you can afford them.
Be Aware Of Contingencies
When making an offer on a condo in Burlington, you may be able to add one or more contingencies to the contract. A contingency is a clause that states certain conditions must be met before the contract can be finalized. Some common contingencies include inspections, financing, appraisals and more. You should be aware of these contingencies before making an offer, as they can affect the terms of the agreement.
Attend Condo Board Meetings
Buying a condo in Burlington can be a big financial and personal decision, so it’s important to be sure it’s the right fit. One way to do this is by attending a meeting of the condo board. At the meeting, you can gain a better understanding of the building’s rules, regulations, and services. You can also get to know the people who live in the building and ask questions about any issues or problems that may exist.
Be Aware Of Potential Problems
Before purchasing a condo, be sure to look for potential issues. Some problems to look out for include pet restrictions, parking fees, special assessments and more. These issues can affect your long-term satisfaction and cost you money down the line, so it’s important to be as aware as possible before buying.
Conclusion
Buying a condo in Burlington can be a complex and time-consuming process. By following the advice in this guide, however, you can avoid many of the common pitfalls and end up with a condo you’ll love. Be sure to do your research, work with a qualified REALTOR®, and attend condo board meetings to ensure you make the best possible decision.
FAQs
1. What should I consider when calculating my budget?
When calculating your budget, it’s important to factor in all of your costs. You’ll need to consider closing costs, legal fees, taxes, and moving costs. You’ll also need to know how much you can borrow if you’re obtaining a mortgage loan.
2. How can I ensure I make a timely and competitive offer?
A great way to ensure you make a timely and competitive offer is to work with an experienced professional real estate agent. An agent can help you craft an offer that stands out from the crowd and meets your needs.
3. What should I look for when researching the condo and development?
When researching the condo and development, it’s important to find out what amenities are available, what the condo fees cover and any potential concerns or issues. Taking the time to do your homework will ensure you’re making an informed decision.
4. How can I avoid potential problems when purchasing a condo?
One way to avoid potential problems when purchasing a condo is to attend a meeting of the condo board. At the meeting, you can gain a better understanding of the building’s rules, regulations, and services. You can also ask questions about any issues or problems that may exist.
5. What should I know about contingencies?
When making an offer on a condo, you may be able to add one or more contingencies to the contract. A contingency is a clause that states certain conditions must be met before the contract can be finalized. Some common contingencies include inspections, financing, appraisals and more. It’s important to be aware of these contingencies before making your offer.
