Buying a condo can be a great investment. However, if you fail to do your homework before you make a purchase, you could wind up regretting your decision. Ensure that you visit http://edmontoncondopro.ca to learn more about different condos for sale. It is important to know exactly what you are getting into before you sign on the dotted line. Here are four common pitfalls to avoid when shopping for Edmonton condos:
1. Failing to understand what is and isn’t covered by the association dues. Oftentimes, people purchase a condo, assuming that all of the maintenance costs for the grounds and the building itself will be covered by their monthly dues. In many cases, however, this is not the case. You need to find out exactly how much the dues are, how they are paid, and what they cover. That way, you can be sure that you won’t be blindsided by any unexpected expenses after you move in.
2. Choosing a condo in the wrong location. The area where the condo is located can significantly impact its long-term value. Even the most beautiful condo isn’t worth much if it is in a bad neighborhood. Make sure that the area where your condo is located is desirable so that you won’t wind up losing money on your investment.
3. Failing to work with a real estate agent. A real estate agent is there to represent you during negotiations. Their primary objective is to help you get the best deal possible on the condo and to protect you from being taken advantage of. They can also often help you discover properties that you may not have found on your own. Don’t make the mistake of trying to buy a condo without representation.
4. Not getting preapproved for a loan. The real estate market in Edmonton is booming. The best condos often go quickly. Unless you are preapproved for a loan, you may not be able to get an offer in fast enough to get the condo that you want. Preapproval enables you to act quickly when the right condo comes along.
Edmonton condos can be a fantastic long-term investment. The key to getting a great deal is to identify common pitfalls and then do everything in your power to avoid them. By checking exactly what is covered by the association dues, selecting a condo in a great location, hiring a real estate agent to negotiate on your behalf, and getting preapproved for a loan you can help the condo buying process go as smoothly as possible.