Shopping for new Montreal condos seems like great idea right now. You can live in it or you can rent it out. You can also treat it as an investment if you plan to sell it in the future.
But before you actually buy a condo, you need to be prepared and be well-informed. Find out the answers to the following questions:
- How much can you really afford? You have to account for the buying price of the unit, the various other fees associated with the purchase, and the monthly dues.
- How’s your credit? You’re most likely going to need to borrow money from a bank. Lending companies need to know if you’re trustworthy enough, and that means they will check your credit score and credit history. You can check your credit report first yourself.
- How much do you currently owe? Usually this means your credit card debt, student loans, and car loans. Your bank will factor in your debts as well as your income before they grant you a loan. So you may want to start paying off your debts first.
- What does your bank say? You can talk to your bank and get prequalified, which means you will get an estimate of the amount you may be able to borrow from the bank. You can also obtain preapproval, which means the bank is ready to give you a mortgage loan for a certain amount. This preapproval is valid only for a certain period, and it may also contain other conditions before you can get the mortgage loan.
- In which part of Montreal do you want to live? This means doing some research on the best neighborhoods for you. The neighborhood has to fit your lifestyle, meaning it should be near your workplace and the places you like to frequent.
- What do you want in a condo? To answer this, you have to come up with a wish list. You can then list down the sort of features you want, such as the number of bedrooms, the amenities you want to use on-site, the neighborhoods you prefer, and so on.
You should then break down this master list into 2 columns. One will contain the features that are “must have” items, while the other contains “would like” features.
You need to be realistic. If you’re looking for something very affordable, you can’t expect a huge condo unit in a building with sprawling gardens and an Olympic-sized pool.
- Who’s helping you? You can of course do your condo-buying on your own. But it’s very helpful to get some advice. That’s why you should hire a realtor or a broker. A pro like this will get you the info you need and steer you towards the developments and condos that fit your criteria. They can even negotiate the price for you.
Once you’re done ticking off all the items on this list, it’s time to start your search. Good luck!