{"id":1001107,"date":"2014-02-16T14:53:42","date_gmt":"2014-02-16T13:53:42","guid":{"rendered":"http:\/\/wordpress4.local\/2014\/02\/16\/5-traps-first-time-condo-buyers-should-avoid\/"},"modified":"2020-07-08T01:26:52","modified_gmt":"2020-07-07T23:26:52","slug":"5-traps-first-time-condo-buyers-should-avoid","status":"publish","type":"post","link":"https:\/\/www.prevel.ca\/en\/blog\/5-traps-first-time-condo-buyers-should-avoid","title":{"rendered":"5 Traps First-Time Condo Buyers Should Avoid"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><span style=\"line-height: 1.538em;\">Believing that they&#8217;ll be able to purchase a condo with the mortgage amount for which they&#8217;ve been pre-qualified by the bank&nbsp;<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"line-height: 1.538em;\">Make a budget and remember that&nbsp;<span id=\"result_box\" lang=\"en\"><span class=\"hps\">housing costs<\/span> <span class=\"hps\">(mortgage,<\/span> <span class=\"hps\">property taxes<\/span><span>, condo fees<\/span> <span class=\"hps\">and heating)<\/span> <span class=\"hps\">should not exceed<\/span> <span class=\"hps\">40% of <\/span><\/span>your gross salary.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"line-height: 1.538em;\">Thinking they&#8217;ll find a 1,000-square-foot penthouse in downtown Montreal for $200,000<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First-time buyers sometimes have unrealistic expectations. Tour different projects in various neighbourhoods to get an idea of the costs per square foot, and then consider which compromises you\u2019re willing to make.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"line-height: 1.538em;\">Thinking that condo living is just like owning a freestanding home&nbsp;<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"line-height: 1.538em;\">Condo living has certain obligations and restrictions. Co-owners are responsible for the building\u2019s common areas and must comply with the regulations established in the condominium\u2019s declaration of co-ownership.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"line-height: 1.538em;\">Being unprepared for the meeting with the notary&nbsp;<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"line-height: 1.538em;\">A buyer should make sure that their mortgage file with the bank is ready, have a proof of insurance, and bring a bank draft for the predetermined amount. If just one of these conditions isn\u2019t met, the notary won\u2019t be able to sign the deed of sale and you won\u2019t be able to take possession of your condo.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"line-height: 1.538em;\">Forgetting about the other costs of condo buying&nbsp;<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"line-height: 1.538em;\">In addition to the cost of the condo, there are several other fees that you should expect to pay: notary fees, condo fees, hook-up costs for cable, telephone and internet, movers\u2019 fees, home insurance, the \u201cwelcome\u201d tax, and the tax on the mortgage loan insurance, if applicable. You should also budget for furniture, curtains, appliances, etc.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e9vel Team<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Believing that they&#8217;ll be able to purchase a condo with the mortgage amount for which they&#8217;ve been pre-qualified by the bank&nbsp; Make a budget and remember that&nbsp;housing costs (mortgage, property taxes, condo fees and heating) should not exceed 40% of your gross salary. Thinking they&#8217;ll find a 1,000-square-foot penthouse in downtown Montreal for $200,000 First-time&hellip;<\/p>\n","protected":false},"author":30,"featured_media":1001108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1001107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Traps First-Time Condo Buyers Should Avoid - Pr\u00e9vel<\/title>\n<meta name=\"description\" content=\"Learn more about buying a condo with our experts! In this blog post, we look at five traps first time condo buyers should avoir. Read it here!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.prevel.ca\/en\/blog\/5-traps-first-time-condo-buyers-should-avoid\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Traps First-Time Condo Buyers Should Avoid - Pr\u00e9vel\" \/>\n<meta property=\"og:description\" content=\"Learn more about buying a condo with our experts! In this blog post, we look at five traps first time condo buyers should avoir. 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