When the time comes to buy a property, unless you’re a real estate professional, it’s not a given that everyone will avoid certain mistakes that you’re quickly driven to commit when buying a condo in Montréal. To avoid the pitfalls and develop a little expertise in the real estate world, follow our guide.

1 — Being impatient

Like any important, life-changing decision, buying a condo in Montréal is a process that merits some patience on the part of the buyer, who should visit several places, compare the offers, and take some time to reflect in order to make the best decision for their living space. Patience also gives you realistic ideas and desires – that is, prevents you from having unrealistic expectations.

2 — Not knowing what neighbourhood to live in

Before starting your search for a condo in Montréal, one of the most important points is to know the neighbourhoods where you’d like to live long-term. Indeed, while the inside of the home counts, you also buy a condo for the atmosphere of the neighbourhood in which it’s located, for the amenities available nearby, and to satisfy all your daily needs easily. To choose the location of your future home, you can seek out the support of a broker who knows the condo market in Montréal.

3 — Not knowing the obligations of life in a condo

Living in a condo isn’t the same thing as living in a detached house, because a condo involves co-ownership, which in turn involves obligations and restrictions. Indeed, all co-owners are subject to the rules established in the declaration of co-ownership, including being responsible for the cleanliness and upkeep of the space shared by all condo owners. Living in a condo therefore means being ready to live with rules and respect for your neighbours! To avoid disappointment, take some time before the purchase to get to know a few things about your potential future neighbours: Are they families with young children or retirees? And don’t hesitate to ask the inhabitants you come across during your visit some questions.

4 — Not calculating the additional fees for the purchase

In addition to the base price of the condo that you’re interested in, to be able to really know if it’s within your budget, you have to calculate and add up the additional fees that will necessarily be added to the purchase. Home inspection, notary fees, condo fees, mortgage interest rates, heating, property taxes, home insurance, and many other expenses must be taken into account in your purchase to respect your budget and the amount of your bank loan or savings.

5 — Being impressed or convinced by the aesthetics

When you do research online or even when you go to a demonstration condo during a visit, you may be very visually impressed thanks to the attractive staging or the excellent photography. However, you should look beyond what you notice at first glance – beyond the decorative objects or the beautiful furniture – to avoid making a decision based on image alone. To do this, you can put your needs and expectations down on paper by asking yourself questions such as: What dimensions do I need to feel comfortable in the kitchen or bathroom? Do I want an outdoor space? Do I need soundproof housing? When is there the most light in the main room of the condo that I visited?

 
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