Book A Showing Today! 647.847.5558

Things To Consider Before Buying Mississauga Condos


Before you rush right in and sign all the paperwork that will make you a Mississauga Condos owner there are many things to consider. Before you commit to buying a condo it is always a good idea to check out, in depth, the state of the property and the association.

 

Before you make a final decision, take some time and walk the property. Look closely at the condition of the common areas such as the pool area-if there is a pool-and the landscape. It is also a good idea to talk with some of the residents you see while you are out. Ask questions about the property. Is it maintained routinely and has the property seen a decline since they have lived there? Then ask the residents questions about the board members. Do they keep up the property; are they nice, and do they answer questions and inquiries in a timely manner? Knowing this ahead of time can save you some from having some unwanted surprises once you are the owner of your new condo.

 

You should also take the time to find out the condominium complex's financial stability. To do this you will need to get a hold of the most recent financial statements and the annual budget. This can be tricky as the association board is not required to share this information with a prospective buyer. Instead of going to the board you may try the seller. If the seller wants to insure Mississauga Condos For Sale of the unit they are likely to grant your request. Once you have obtained the financial statements check for things like the reserve of the property and what the insurance costs are.

 

Checking how many units are in foreclosure is another way to determine if the Condos for sale in Mississauga you are looking at is a sound purchase. A real estate attorney should be able to run a title search on all the units in the building and tell you how many units are in foreclosure. While there is no set rule for a "bad number" of foreclosures, obviously a high percentage rate is not going to help the value of the property.

 

Don't forget to check the rules. Once you sign the closing papers on your condo you agree to abide by all the rules and regulations of the condo association. Be sure to read the rules thoroughly and check for everything from pets to kids to cars allowed in the parking lot. Make sure that the rules that are in place are rules that you will be able to live with. You don't want to move in only to find out you can't bring Fluffy the cat with you or that your pick up truck will not be allowed in the parking lot.

 

The condo lifestyle can be a rewarding one but great care should be taken before you decide to sign on the dotted line. Thorough research done on the property and the association before you sign can save you hassles, headaches and buyers remorse. The condo that you will be buying will be your home and like with any home you should make sure you will be happy living there for many years to come.


Looking for more Mississauga Condos for Sale?

Please fill out the form below with your preferences to have current Mississauga Condos for sale emailed to you by a Search Realty agent.

Please enter the numbers found on the right.

Powered by Lone Wolf Real Estate Technologies (CMS6)