Real estate shopping isn't easy. There's a lot you have to do before you can actually move into a property you've purchased. You have to hire a real estate agent, scout out potential locations, determine how much you can afford to spend on a piece of real estate property, apply for mortgages and decide what features your potential new home must have and which ones you can live without. Those are just a few of the things you have to do and as you can see by that short list, you've got a lot of work ahead of you when shopping for real estate.
A lot of people living in the city, tend to gear their focus on condos over houses. Buying a condo can be more affordable than buying a house. At least that is when you look at it solely on the listing price of the new condos Toronto or Mississauga have on the market. You need to be aware that sometimes there are other fees associated with condos. Some that are mentioned in the listing ad and others that you need to inquire about on your own.
They can be either monthly or annual fees. A lot of the monthly condo fees you have to pay are in regards to the actual maintenance of the home. Such as paying for utilities like hydro, hot water, and internet. There might also be a mandatory monthly fee for services such as window cleaning, landscaping, sidewalk shoveling and the use of the common area rooms like the gym or games room. It all depends on what features the condos you are interested in buying have. Another condo fee that you could be faced with paying is a monthly security fee. Especially if the building is equipped with 24/7 camera and in person surveillance.
In the end, you might find that even with all these added monthly or yearly condo fees, that buying a condo is still more affordable than buying a house. There are other aspects you could be saving on such as not having to spend money on gas for a car because living downtown means you can just walk everywhere. When you're shopping for real estate, just make sure to remember that the listing price isn't always the final price.
When you are ready to discuss mortgage options and rates to see what budget you can set for a potential new home purchase, give Marcus from MorCanDirect a visit.
You can also read 5 Things You Don't Know About Condo Fees.