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Tips for Buying a Condo | Mani Bagga

Posted by Mani Bagga on Monday, December 5th, 2022 at 11:33pm.

Tips for buying a Condo

A condo, short for Condominium, is a privately owned unit in a building or apartment. Buying a condo is a very good decision if you have a compact family or want to take advantage of amenities present within the structure. It is a great way to invest and generate rental income as well. In Edmonton, Condos are becoming popular daily; more people are trying to buy these units for residential purposes or to rent them out and earn some side income. Mentioned below are some tips to get the best Condo in Edmonton -

  1. Analyse Your Necessities -

Only one person can tell what's best for you - and that is yourself! Make sure you are clear with your expectations from your next home and that everything is fulfilled accordingly. Jot down your needs and wants and make decisions based on those points. After all, nobody wants to put their hard-earned money into a purchase they will regret later. So, be smart and make decisions with your mind, not your heart.

  1. Is the Condo FHA Approved?

FHA (Federal Housing Administration) provides mortgage insurance to potential lenders. It takes work to get your loan approved when financing a condo. That is why it is advisable to look out for FHA-Approved Condos, where it is easier to get a conventional loan than the non-FHA-Approved Condos in Edmonton.

  1. Ask Questions

Asking questions is an important part of buying any property. But in the case of condos, questions about hidden fees or maintenance charges, types of amenities available, rules to be followed by the building or society, restrictions on pets or any other items should be asked in advance so that there is no confusion while buying the condo or while financing a loan for the same.

  1. Get The Best Real Estate Agent to Save Your Time and Money -

Getting a real estate agent who understands the Edmonton Real Estate Market or the area where you’re looking to buy a condo is a must. They are experts at what they do and have been in the market for a long time. Do your research and choose a realtor who can get you the best deal in the least time possible. A good realtor is one who -

  •       Can tell whether the condo is a good investment or not.
  •       Knows the rules and regulations concerning the condo that you are about to move into
  •       Knows how to properly check the paperwork regarding your purchase and save you from any extra expenses or warn you so that you can make arrangements accordingly.
  •       Charges a reasonable amount of money and tries to genuinely help you instead of ripping you off your money.

If your real estate agent misses any of these qualities, they’re not the one for you. These agents can single-handedly make or break the deal. Make sure you make wise decisions.

Now, if you’re wondering where to get the best real estate agent in Edmonton, we have the correct answer: Mani Bagga and the team Bagga at Royal LePage Noralta are the best real estate agents in all of Edmonton. They have years of experience in the real estate market and have helped countless individuals and families to get the best out of their bucks. To book an appointment or to know more, visit today!



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