5 Tips for ‘First Time’ Condo Buyers By Real Estate Lawyers in Brampton

Real estate lawyers of Brampton bring 5 great tips for prospective condo buyers. There is difference in buying a condo and buying a home.

Real estate lawyers in Brampton region are a busy lot. With so much activity in the property arena, Greater Toronto Area is witnessing a slew of activity in buying and selling of homes. Canadian housing stats reveal a growth of minuscule 2% in the year 2014. However, Brampton region growth is higher at 6% to 10% in certain areas. This means there is a huge potential for both home owners as well as investors. Nearby Mississauga area has also seen condo prices shoot by as much as 11% in 2014.



How Buying a Condo is Different from Buying a Regular Home?

Rarely do people know that there is a huge difference in buying a condo as compared to buying a regular house in a suburb. A lot of different things go into consideration if you are planning to invest in a condo. Such investments involve large sums of money and hence it’s important to make sure that everything falls in its perfect place.
 
Brampton lawyers can go on and on while giving advice to prospective condo buyers. There is simply too much to cover. However, there are some tips that are common and vital as well. These are:

1. Condo’s Regulations �" Every condo developer has its own share of regulations to help in the proper governance and maintenance of their condominium complexes. Thus, one must carefully go across these rules and understand them fully as this will help you to learn as what all these developers give allowance to and to what they simply don’t.


2. Fee Structure ­�" Before shifting in a condo unit, it is always best to learn about its fee structure. Know more about the payments that you need to make either monthly or on the basis of usage so that you can plan your budget accordingly. Getting due knowledge regarding maintenance costs and membership fees etc. will save you from surprises can greatly help. Brampton real estate lawyers can help you effectively close your real estate transaction.

3. Fellow Tenants �" Like any other residential community, condo units too have fellow tenants. Try to mix with them so as to know more about them as well as the condominium. Tenants living next to you are the ones about whom you should know the most. Learning about their daily habits can help you in future to adjust in a better way in the new environment. Real estate law consultation further helps in the whole process.

4. Security Regulations �" People generally prefer living in a condo unit due to the level of security that they provide. Still, it is always best to inquire more about the safety standards that the complex is complying to. Ask the condo officials about the rotations followed by security guards. Try to ensure that the condo’s entrance, playgrounds etc. are guarded 24/7.

5. Maintenance Coverage �" Being a prospective buyer, you have all the right to a*s the authorities about the maintenance coverage and the necessary procedures that are followed. Most developers work with third-party firms that provide services like maintenance of pools, car parks etc. Learn whether there are any special charges for them or not.
 
Purchasing the right condominium unit for yourself or your family can be a daunting task, however, if the efforts are made towards the right direction, this investment can turn out to be the best one of your life.

At Kalia Law, our professional real estate lawyers in Brampton has helped hundreds of Brampton residents in closing their transactions. Call now for more info on our services.