For young couples, a condo is an ideal starter home. Like other condominium owners, young couples can enjoy community facilities offered at the complex, as well as the opportunity to socialize with other residents. Also, a couple who is not yet ready to start a family finds the layout and size of a condo more practical than a house.
However, when looking at condos for sale, be careful not to make the following three common mistakes:
- Not Having Enough Money: Revamped mortgage rules have made it more difficult for some first-time buyers to qualify for financing. Lowering the pay-back period for a government-insured mortgage from 35 to 30 years means higher payments and an increase in the percentage of a young family’s income required to cover them.
- Not Knowing All the Costs: Once you’ve viewed several condos for sale and chosen one, you’ll need to track all the condo fees and closing fees that lie ahead and budget for them. Also find out how much the monthly association fees and shared maintenance costs are.
- Not Thinking about the Future: This isn’t referring to which high school your children will attend. It’s referring to a few months or years down the line – for example, if you buy a car, will you have somewhere to park it? And what seemed like the perfect condo might soon be too small if a baby comes along.
These considerations are important. The place you buy must meet all your needs for the entire duration of your stay. You also need to think about resale value so you can get a good price when you put your unit on the condos for sale listing a few years down the road.