August 31, 2012
Thinking of Buying a Condo?
Yesterday, a report released by Genworth claimed that condo prices are bound to rise in 2013 due to expected demand. Whether as a starter home for first-time home buyers, a down-sizing option for retirees or as an investment rental property, condominiums are still an attractive purchase to many. However, purchasing a condo is different then buying a house. These are some considerations to take in to account when thinking of buying a condo:
What are your rights and what are the fees if you or a tenant lives in the unit from the period of the interim closing until the final closing?
Keep in mind too that if you are buying based on a plan, what you expect may not be what the finished product is – check the contract! As well, the size of the model unit does not have to be reflective of the actual square footage you’re getting – bring a measuring tape when viewing the model.
As with anything in life, knowing truly is half the battle.