What should I consider before buying a condominium?

If you’re looking into purchasing a condominium, then there are several factors that you should take into consideration first. Knowing what to expect can help you minimize surprise fees, aid you in your mortgage payments, as well as help you plan for the future as a whole. Therefore, a step in the right direction is calculating your mortgage and payment frequency, as well as factoring in other fees. 

How do I calculate my mortgage?

There are several methods that you can use to get a better idea of your mortgage and the payments and fees associated with it. You can speak with your chosen financial institution or mortgage lender as a start. Another way to begin is to use an online mortgage calculator. This online tool can also be used to compare the different payment frequency options, rates, as well as amortization. 

Make sure to have information such as the purchase price of the property, down payment amount, and amortization period ready. Additionally, find out what the mortgage interest is alongside the frequency of payments. This period can be monthly, bi-weekly, weekly, or even an accelerated plan. 

Should I look over the floor plan details? 

Don’t forget to look over the details of the property’s floor plan. This would help ensure that the unit is acceptable to your goals, as well as inform you of any regulations. You can contact the developer, for example, and have in-depth conversations about purchase agreements, completion dates, as well as anything that might lead to changes in the floor plan. 

Ultimately, make sure that you are clear and sure of the floor measurements and check to see if they accurately reflect either the area of the unit or the exterior and internal spaces. Take note of whether or not the boundaries are correct. 

Of course, the details matter as well. If applicable, then have a discussion to determine if the property can have changes made to it. This can encompass the placement of windows, doors, and walls. 

Other factors to consider include whether or not the property has universal design features, has your ideal ceiling height, as well as if it has air-conditioning and heating equipment in place alongside hot water heaters and ventilators. 

What are some questions that I can ask property developers?

Here are a few questions that you may begin with, and ask for details down the line.

  • Is the property energy-efficient?
  • What systems and equipment help with sustainability? 
  • What should I know about air conditioning and heating maintenance?
  • Is the noise-limited between different units?
  • What should I know about the heating, cooling, and ventilation systems?
  • Are utilities and other amenities covered?
  • What are the payment process for parking, the gym, and the pool?
  • Are there plans to build other structures around the property?
  • How will buildings in the future affect the view offered by the property?

After going over all the necessary considerations involved in helping you decide whether or not a condominium property is right for you, the next step is to figure out how the mortgage for it will play out. This can involve discussions with your lawyer, mortgage lender, and the seller before you make an offer and anticipate the closing date.