5 Things to Know Before Buying a Condo in Mississauga
Are you thinking about buying a condo in Mississauga? Well, buying a home is always an exciting experience…or isn’t it? But again, we can agree that the whole process can be such a tall order especially if you have a long list to pick from. Thankfully, this article outlines some of the key factors to consider before purchasing a condo in Mississauga. Our desire is to see you get the best condo that will give you the best adventure ever after.
One of the most important factors to consider before buying a condo in Mississauga is location. There is nothing as important when buying a condo as the view you see out your windows.
Therefore, it is essential to carry out your research to know of any future development plans in the area. You may not own your condo forever but again it is still important to have the resale plans in mind.
It’s pretty normal that you may have the trendiest neighborhood but don’t let this deceive you. Demographics are really important since you need to be close to a hospital, good schools, parks, and a public transit among other essential services.
Buying a home, despite being such an exciting experience, might as well be one of the biggest financial purchases you will ever make in your entire life. So it is just all important to know the final price and fees you will be paying before making your purchase.
It could be wise to connect with a financial or mortgage advisor to know the amount you can afford and also ensure you can cover the mortgage monthly costs. Remember, every individual’s type of condo purchase and financial status are different. Thankfully, many mortgage options are always available to your aid.
Additionally, condo purchase comes with various additional costs such as lawyer fees, property taxes, levies, closing costs, maintenance fees, monthly utility fees, and insurance among others.
When buying an older condo, on the other hand, you need to be aware of the monthly or annual repair costs and keep all the financial documents from the condo corporation.
What about the pre-construction condos? Well, such types of condos bring extra costs in form of upgrades that are usually not included in the purchase despite appearing in the sample unit and being illustrated in marketing packages.
And have you heard of the occupancy fee before? Well, this is also known as the phantom fee and it is also part of the considerations as far as the condo price is concerned. This fee is simply the amount that covers the time you take occupancy in the condo to the time you actually move in.
3. Condo Fees
Many condos in Mississauga have standard monthly utility fees. These fees cover such expenses as water, gas and hydro among others. But again some condos, especially those that are 15 years and above, will likely include water and gas in the monthly maintenance fees.
The maintenance fees are meant to cover general repairs, cleaning, common spaces, security, parking, amenities and some part of the condo corporations insurance.
Besides, a portion of the monthly maintenance fees will also contribute to building a healthy reserve fund for capital costs and large-scale maintenance such as repairing the parking lot or roof replacement.
4. Floor Plan
A common theory states that the higher you buy, the more it will cost. Maybe it is no longer a theory but the reality anyway. Luckily, it comes with an advantage in the sense that you can sell your condo for a higher price when the right time comes.
Additionally, a higher floor is akin to a double-edged sword in the sense that not only gives you a better view but at the same time costs you greatly if you are considering a pre-construction purchase. But again you have a better chance to charge more rent when buying such a condo for investment purposes.
Now, condo amenities may be one of your key considerations but it is necessary to approach this facto with caution. So why is this so? You may ask. Well, some amenities can greatly increase your monthly maintenance fees.
For instance, if you are not a swimming enthusiast then having a swimming pool in your newly purchased condo can appear to be a real liability. That being said, many developers currently introduce plenty of unique amenities to recent pre-construction projects.
Some of the examples include gardening plots, dog washing and grooming areas, mini putting, lounge area, outdoor TV watching, and basketball courts among others. It is also important to have a 24-hour security service, an ample visitor parking, a storage room, and even a barbecue area. But again the most important thing is to know what your true needs are to avoid raising the monthly utility fees beyond your reach.
Platinum Realty-The Number One Solution to Finding the Best Condo
So having looked at some of the factors to consider before buying a condo in Mississauga, what then is the way out? Is there a solution to helping you find your desired condo without much hassle since it appears that the whole process can be such a daunting task?
They say the solution is always available, but only if you think keenly. Well, we thought for some time and realized that the solution is readily available. And it is none other than Platinum Realty.
Located in the heart of Middlesex County, Platinum Realty takes pride in helping individuals find the best condos in Mississauga and beyond without much hassle. This site is regarded as one of the leading real estate brokerages that provides nothing but the experience and expertise that the current housing market requires.
Additionally, Platinum Realty has a team of experts that uses the power of the internet and social media to give you the best services. So you can guess that the whole process is as simple as ABC. And truly, that is the exact scenario with Platinum Realty because all you need to do is to enter your home address and you will find suitable condos in a split second. It is indeed worth giving a try.
To wrap it up, it is clear that finding a suitable condo in Mississauga goes far beyond checking only the price. We have tried to outline the crucial factors to bear in mind before making your purchase and it is our hope that the article is helpful and will enable you to find your desired condo without much hassle. Best of all, consider Platinum Realty for your condo purchasing needs and let the experts take you through the whole process in a shorter period than you anticipated.