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The condo market in Montreal is now being considered a buyer’s market as there is a surplus of units in the city. This is an encouraging sign for those looking for a new residence, former renters looking to make the jump from renting to owning, and even investors who want to acquire properties in the area.
But with the numerous options for Montreal condos, it’s easy to get overwhelmed. The following are some tips you can follow when shopping for a condominium in Montreal:
1. Look for a professional realtor who can help guide you through the buying process. This won’t cost you a penny, as the seller will pay for the realtor’s commission.
2. Make sure that you have a good lawyer who can help you with legal requirements.
3. Determine the mortgage amount you qualify for by meeting with a mortgage specialist. If you can pass all the pre requisites, you could get a pre-approval within 24 hours.
4. However, you should not only rely on the bank loan for the condo purchase. You’ll also need a significant amount of cash for other expenses like a deposit, the land transfer tax, lawyer’s fees, as well as closing and moving costs.
5. Location is perhaps the most important factor to consider in shopping for a condominium. While Montreal isn’t the largest city, there are still plenty of diverse neighborhoods you can choose from. Consider the location and its proximity to your workplace and metro station, as well as other establishments like hospitals and schools (if you have children). Visit the neighborhood at different times of the day.
6. The rule of thumb is to pay the best price per square foot. While it may cost you more to buy a larger condo, you’ll get your money back especially if you are looking to sell the property in the future. Remember that studios and one-bedroom units have low resale values.
7. Buy a unit with a scenic view. This will not only make your stay in the condo more enjoyable, but it can also make your unit easier to sell in the future. Avoid a unit overlooking the garage area. Before making an offer, visit the unit at least twice.
8. Hire an inspector. It’s an added expense, but it can save you from future headaches later on. The building expert will be able to inspect your condo unit and spot potential problematic areas.
9. Before making an offer, consult with the realtor.
10. When you are about to make an offer, ask your lawyer to review the condominium documents and status certificate.