5 tips for buying a condominium

Carrying out a family project or starting a life together? Acquiring real estate must be well thought out. Also if you are going to buy a condominium, there are many options to consider before committing.

Before acquiring the property, it is necessary to realize that investing in a condominium requires an appropriate study of all aspects of the future housing. You must ensure compliance with the co-ownership regulations including the rules of life and account management concerning the latter.

For the success of your real estate purchase project, here are 5 tips to help you.

Establish your budget

Before embarking on a project, the necessary budget should be anticipated. Also, it is important that you define the exactness of your project in order to foresee all the costs corresponding to its realization. You must take into account all the costs relating to your purchase, namely the sale price of the property, the costs of the deed of sale as well as the cost of any work to be carried out after the acquisition of the property in question.

In sum, he is essential to seek the advice of the manager of your bank account to have an objective overview of your debt capacity as well as the ceiling of your future loan maturities.

Take into account the profile of the property and its environment

Your purchase criterion must of course be conditioned by the layout of the rooms as well as the condition of the building. To become familiar with the place, it is also important to visit the premises to avoid disappointments and unpleasant surprises.

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Depending on your situation, single, in a couple, married or with children, you must take into account its proximity to your place of work, the presence of public transport, shopping areas and schools. Also, it is necessary to consider the existence of green spaces and parking if the building does not have any.

Also, since you are going to have to live in a community, it is best to find out about the neighborhood in order to have an overview of what awaits you and to gather information on any nuisances that could spoil your peace of mind on a daily basis. .

Find out about the condominium fees

It’s important to know the real situation of the property through the acquisition of a copy of the minutes of the last two assemblies of the co-ownership as well as the works carried out in the past or those which remain to come. You can get in touch with the president of the syndic to provide you with clarifications on the budget of the co-ownership and on its maintenance.

The cost of condominium fees includes the trustee fees, insurance costs and the cost of maintenance which must be paid by each co-owner each quarter. There are also exceptional costs for work outside the estimated budget.

Read also: Buying a condominium: what to check

Learn about property tax

A good citizen must pay the tax imposed on him. Also by becoming an owner you must pay the property tax. To do this, you need to find out from the competent administration or your seller about the taxes to be paid.

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Know the administrative context

The notary or the real estate agent must inform you about the administrative context around the building. This makes it possible to know the urban planning projects in the district. This information is important especially if there is vacant land or houses being demolished nearby. Concerning the individual houses, it is necessary to check well if the annexed constructions respect the obligatory procedures as well as the related easements.

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