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Hey,

I have made an offer on a new condo for sale in North York, and it has accepted. This is my first home buying experience. So now it's my contingency period. So I have to investigate/negotiate anything that might be a problem down the road, and I would like to get some general advice on what to look for when buying a condo. I have made an offer on the upper unit of a 2 unit building. There is a common yard, common laundry room, and a common storage room, and there are deeded parking spaces for the unit on the lot. What do I need to know about condos and what should I watch out for? Any advice for the finance/lending side? I would be grateful for your thoughts on this.

Thanks!

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Did you get a copy of the Strata bylaws, and the last couple years of meetings?  If you got them, did you read them carefully to make sure you know what you are buying into?  Have you had a home inspection done?  That's all I got for advice.

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On the finance side, 2.25% is the lowest prime rate in Canadian history, at the time we had a 2.59% fixed rate mortgage

Right now the prime rate is 2.45% so we're getting back down to the historic low

Once it is this low, you might as well go fixed if you can find a good rate, because this is about as low as it can go, it can only go up from here.

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On 4/3/2020 at 8:33 AM, David_kor said:

Hey,

I have made an offer on a new condo for sale in North York, and it has accepted. This is my first home buying experience. So now it's my contingency period. So I have to investigate/negotiate anything that might be a problem down the road, and I would like to get some general advice on what to look for when buying a condo. I have made an offer on the upper unit of a 2 unit building. There is a common yard, common laundry room, and a common storage room, and there are deeded parking spaces for the unit on the lot. What do I need to know about condos and what should I watch out for? Any advice for the finance/lending side? I would be grateful for your thoughts on this.

Thanks!

The time to investigate was before you made the offer and it was accepted. Why are you asking people what to look for in a condo NOW? The only low-rises on the site that you listed cost at least $1.2 million. For that kind of money you should have gotten expert advice before making the offer. Your offer should have been predicated upon a satisfactory home inspection by a professional home inspector, too. You should know what the condo fees are, what can and can't be done in these common areas as well as other rules. Condo fees originally set by the builder are an estimate and often go up a lot soon after the condo board takes over. So if the fee is a stretch, you might be wary. And you should be aware that when you buy a new house you're paying HST on it (13%). That won't be added on top of the listed price but it is part of that price. And it's only charged on new homes, not homes you buy from someone else. You should also have carefully gone over every single item on their long list of items to find out what is 'standard' and what requires extra costs. They rarely show you a model which only has standard fixtures. And they don't make a point of telling you things like your water heater actually being a rental that you will be responsible for paying on for twenty years.

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On 4/3/2020 at 8:53 PM, Moonlight Graham said:

I would consult a real estate agent.

Most of them are lazy and useless. At least in my experience.

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