Buying A Condo - The Perfect Team
Buying your very first condo is an exciting and rewarding journey, not to mention most likely one of the greatest investments in your lifetime. To ensure a smooth process and a smart and informed purchase, it is important to work with a few key professionals: a real estate agent, a mortgage broker, a real estate lawyer and a home inspector. Not only do these individuals have a great source of knowledge that they are willing to share with you, they will also ensure that you stay on track to a successful purchase of your new dream home.
Real Estate Agent
The person that you select to be your real estate agent will be the one individual who guides you every step along the way to your dream purchase. It is imperative that you take the time to do some research on potential candidates who have a great deal of knowledge and are familiar with the real estate that you are interested in (detached homes, townhomes, high-rise condos, and so on), as well as the area that you are looking to buy in. Don’t be shy – make sure to ask lots of questions! If you are looking to buy in a short time period, make sure that you choose a real estate agent who practices full-time, so that he/she can dedicate themselves to you. Ultimately, choose the one individual who you feel you can entrust with this huge step, the person that you feel most connected with.
Most homebuyers will require a mortgage in order to purchase their first home. There are two ways to go about this process: through a bank or through an independent mortgage company. Financing is extremely important and for some can be a bit overwhelming, which is why it is crucial to seek advice from a professional mortgage broker who will take the time to discuss which mortgage options best suit your needs and financial situation. A mortgage broker will also work with you through the pre-approval process to determine how much you can afford. Keep in mind that if you decide to get your mortgage through a financial institution that their rates and options are competitive, so shop around!
Real Estate Lawyer
Once again, make sure to do your research when selecting a real estate lawyer, as he/she will be responsible for protecting your legal interests. Ensure that your chosen lawyer is knowledgeable and has many years of experience in the real estate that interests you. Their responsibilities include explaining documentation, reviewing purchase and sale agreements, determining whether there are any existing legal actions pending against the condominium and finally arranging closing documentation.
Finding a trustworthy and knowledgeable home inspector has become increasingly more difficult, as many unqualified inspectors have entered the market targeting uninformed buyers. Ensure that the inspector you choose has the right credentials and is registered with the Canadian Association of Home Inspectors. It is essential to hire a qualified home inspector for a resale condo, but keep in mind that there are also many positives in having one inspect your newly built condominium unit. The responsibility of a home inspector is to thoroughly inspect your unit, as well as the common elements and determine if any components are ill performing, unsafe or broken. The purpose of an inspection is to provide you, the buyer, with a better understanding of the condition of your property of interest before you take the plunge.
The list above rounds out who you want to have on your side when purchasing a condo. Don't know where to look or how to find the right professional for the job? Get in touch with us and we will guide you to reputable professionals in each field of expertise.