15 Considerations Before Buying A Condominium In Kelowna
Before buying a Kelowna condo, you need to consider the following guidelines:
- Your Finances
Getting your finances in order. Remember things like home inspection, lawyer’s fees, moving costs, and land transfer tax. When purchasing a condo, GST must also be paid.
- Working With A Mortgage Broker
A mortgage broker can help you with finding an excellent rate and getting prequalified for a mortgage. Remember to factor in the strata fees when you are drafting your budget.
- Hiring A Licensed Realtor
It is vital to hire an authorized real estate agent to assist you with the buying process. Generally, the seller is responsible for paying the commission. Therefore, this fee is free of charge to you. Select a realtor who has experience in buying condos since there may be extra paperwork to examine from the strata corporation.
- Thinking About Who Your Lawyer Is Going To Be
A lawyer can help you with getting paperwork and contracts in order. Ask your realtor for some recommendations.
- Consider Everything
Be prepared to think about newer and older buildings. Do they come with amenities or without? There are always pros and cons to look at.
- Try Purchasing Larger Units
When you are considering KelownaProperties.ca units, it is always best to try to purchase the most significant unit within your means. Even if it means the unit is in a slightly older building. Two-bedroom condos are scarcer than one-bedrooms and studio apartments. They are also your best renting option if you are looking for an investment property.
- Considering The View
You want to get the greatest possible view that you can get your hands on but think about other factors. For instance, the empty field across the street may not remain that way forever.
- Parking Space
If you are buying a condo into a new building and you have an option of obtaining two spaces, do not hesitate. You can always rent the extra one out, plus it boosts the resale value.
- Storage Locker
Storage is one of the predominant concerns for condo buyers, and having too much storage is just unheard of.
- Options For Guest Parking
Will visitors be required to park on the street? Or, is there a parking lot or parkade close by? This may not be a deal-breaker, but it can be convenient.
- Paying Attention To Communal Areas
Are the overall area kept clean and in good condition? Well-cared-for communal areas is a valuable indication of a good strata council and respectful neighbors.
- Consider The Neighbors
Are the neighbors renters or owners? Owners are desired, but renters can be okay if the strata council inspects potential problems.
- Reviewing Strata Documents
Make sure you review the strata documents and consider things like reserve funds and budgets. If a significant repair is required, to they have the funds to cover it?
- Strata Levies/Maintenance Fees
What are the strata fees, and what is included and what not? Are the amenities or property taxes included?
- Meeting The Neighbors
It can be highly useful to knock on the neighbors’ doors and meet them. You can find out from them how they find the building and perhaps how long they have been living there.