When it comes to buying a real estate, your purchase is also an act of investment. The location, amenities, future financial and legal consequence should be well calculated in mind. Buying a house, for example, should be the realization of emotional and economic interest, even though it is for non-commercial purpose.
Here is the detailed guide for you to be wise in making your real estate dreams come true.
Asking yourself these two fundamental questions
- Are you planning to stay for a long time?
Buying a non-commercial house should be thought of regarding your lifestyle. If you are not a person that does not like to stay in one place for a long time, buying a house would be unwise. Instead, try to look for an apartment or a condo.
- Are you looking for amenities?
Buying a house does not include amenities that an apartment or a condo can provide. If jogging track, tennis pool, gym, and spa are essential to your life habit, it would be better if you live in a condo.
Tips for buying a house
When you buy a piece of land, along with the property built on it, you are awarded a title. The title ensures your ownership’s right and obligation to the government.
It is better to use a realtor than seeking deals on your own. A realtor knows how to handle a negotiation, and with the right communication and acceptable price ranges, he/she can get you the best price. Besides hiring a realtor saves you a considerable amount of time of doing the paperwork.
Hiring an attorney is also an option if you want to feel more secure. The Realtor can get you the property, but the strength of the legal status of the ownership requires more than a purchase deal. There are legal risks, such as title and boundary disputes, and bias agreements. An estate attorney can help you to minimize the risk and calculate the legal cost of buying a property.
Tips for buying a condo
A condo can save you a significant amount of money if compared to buying a house. But bear in mind that you share the ownership of the main building with other condo owners. In other words, living a condo is probably not a good choice if you seek for extreme privacy.
But there are amenities and maintenance that will save your time. The non-regular condos, the best condos, offer you the best location with the best view. For example, the condos in Yonge, Toronto. The condo allows you to experience both metropolitan and lakefront views. You can exercise and get rest while looking at the lake, which certainly not a luxury you can get from buying a house.
Regular house needs the owner to maintain everything by him/herself. But for a condo, you can rely on the maintenance department. There are extra fees for the facilities, though. Therefore, if you do not mind spending extra money annually, then living in a condo can give you more satisfaction than living in a house.
For buying a condo, it would be better if you consult people with the experience of living in a condo about the community rules, management system, and facility regulation so that you can get the picture of how it is going to be to live in a condo. Then make a list of your preferred rules and situation. Look for a condo through a realtor service to save your time and energy. They have the database of many condos for sale/rent, which will be exhausting if you survey them by yourself.