Are you considering buying an apartment condo in London Ontario, or the surrounding area? Here are a few things to consider that will help you make an informed choice.
I have viewed hundreds of apartment condos over the years. Buyers look at the size of the balcony, kitchen, and bathrooms.
How clean and tidy are the entrance, the lobby and the elevators?
Are the security, entrance, and monitoring systems operable and up-to-date with the latest equipment?
Are the elevators all operable promptly and last inspected?
If underground parking is available, I am looking for moisture, security systems, and odours.
Before You Make an Appointment To View an Apartment Condo in London Ontario, Find Out:
Who lives here? What age group? Children?
What are the average prices for the last 12-18 months?
What are the average days on the market for these condos?
How long has this unit been on the market & how many times?
Is planned construction nearby that affects or destroys views or traffic flows?
Before Making an Offer, Consider:
A Financing Clause, if necessary
A Home Inspection? Sometimes, it is unnecessary; I am concerned about the electrical, plumbing, heating, and cooling systems in an older building.
Ordering a Status Certificate—The financial situation of the condo corporation. Don’t just rely on your lawyer’s opinion. They know the law but are not accountants, financial advisers or Realtors.
What are the condo rules? (A good real estate lawyer will be able to tell you after reviewing the status report)
Are there pet restrictions? You may want to do that before considering buying a condo apartment.
Ample visitor parking?
What is the percentage of units occupied by owners vs. renters? (A good real estate lawyer will be able to tell you after reviewing the status report)
Finding and selecting a condo in London, Ontario, can be an exciting experience. However, letting emotions cloud your judgement could become costly or cause dissatisfaction in a few months!
Like a meal or a piece of cake, it helps to know what ingredients make it great and in what order!
In a recent survey, 73.7% of apartment condo buyers stated that they wished they had known what they know now and would be more diligent when buying an apartment condo in the future. That is why I wrote this.
When you go shopping for a house or condo to buy, two homes are competing for your attention: the one that meets your needs, and the one that fulfils your desires.
Offering a Price Without The Correct Comparisons
What price do you offer a seller? Is the seller’s asking price too high? Is it ideal? Without research on the market and comparable condos, you are bidding blind. A professional Realtor who represents you should offer an unbiased opinion on the place’s value based on market conditions and the building. I said they should, but how would you know if it is unbiased, what comparables are used, and in what time frames? Without this knowledge, you could quickly bid too much or miss out on a great buying opportunity
Buying the wrong place.
What are you looking for in an apartment? It’s a simple enough question, but the answer can be pretty complicated. More than one buyer has been swept up in the emotion and excitement of the buying process, only to find themselves the owner of a place that is either too big or too small. Perhaps they didn’t consider the drive to work, the distance to school or the many fix-ups they want to deal with now that the excitement has died. Take the time now to define your wants and needs, discuss them with your Realtor, put them in writing, and use them as a yardstick to measure every building you visit.
Unclear title
Before signing any documents, ensure the property you are considering is free of all encumbrances. Your lawyer will do this for you as part of their fiduciary duty, but please ensure your Realtor includes clauses to protect you. The last thing you want to discover before you move in is tax liens, debts, undisclosed owners, leases, contracts or easements or special assessments.
Unexpected repairs
Don’t expect every seller to disclose every physical detail that requires attention. Use common sense and double check everthing!
Unfortunately, anybody can call themselves a “Home Inspector,” and no Provincial Governing Body can monitor and ensure credentials. I have seen some doozies, some unbelievable, erroneous, and some great reports over the years.
Not Getting Mortgage Pre-approval
Pre-approval is quick, easy and free. It’s essential to know beforehand what you qualify for, which will help you avoid disappointment. Did you know that shopping for the best rate and terms could save you $50,000 or more over 20 years? Getting the best terms for you for a mortgage is more important than a condo’s price.
Note: Be careful with pre-approvals. Not all pre-approvals are the same.
Hidden Costs
There may be additional costs or fees that you have yet to consider. A good Realtor will discuss this with you, and you should consult with your lender, lawyer and any other professional about all fees and costs.
Rushing the Closing
Take your time during this critical part of the process.
Do you understand your mortgage details?
Has anything been forgotten?
Do the paperwork and documentation reflect your understanding of the transaction?
Will your Realtor take you through your planned purchase 2 to 3 days before closing? (To ensure that there are no unusual changes in the condo’s condition or that is supposed to stay, stays).
Plan for Flexibility
Allow for contingencies and have a backup plan in place. If you or the sellers need more time to conclude the final arrangements, keep these delays from upsetting or frustrating you.
If it’s not in Writing, It Doesn’t Exist.
Don’t make any assumptions or believe any assurances. Have your real estate professional keep an ongoing log (in writing) of all discussions and get the seller’s written approval for all agreements
How long do you plan to live in the condo?
Buying & selling an apartment condo in London or anywhere, in fact, can cost money. If you may have to move in the short term, the value of your place may not have been appreciated enough to cover the costs of buying and selling. The length of time that it will take to cover those costs depends on various economic factors.
What features do you need to suit your current lifestyle? Five years from now? People tend to remain in places longer than they initially intended, primarily due to the work and expense associated with moving. Therefore, it is worth considering a home with room to grow. Having an idea of what you’ll need will help you find a place that will meet your needs for years.
I left the best for last: Make sure you know what you want!
Knowing what you want may sound simple, but many buyers require a reality check before searching.
When buyng an apartment condo in London Ontario, you may fall in love with one or another one for entirely different reasons. Far too often, people buy a place for the wrong reasons and later regret their decision when the apartment condo fails to meet their needs.
Do not shop with stars in your eyes: satisfy your needs first. Work with a good Realtor who will sit down with you and listen to your wants.
To help you know what you want:
What do I NEED in my apartment condo?
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What would I LOVE?
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We bring people and properties together. We take the time to listen and understand your wants and concerns, then design a plan to achieve what you want and do it.
When you’re ready to move, Michale or I, Ty Lacroix will make sure you do safely, wisely and thriftly!
