Shopping for condos in Montreal can be an exciting endeavor. Along the way, you will assuredly benefit from the following five tips that will be offered here. They are designed to help educate you about the buying process, so you can avoid many common pitfalls that shoppers experience during their search.
Your Credit When House Hunting
Credit matters when you are house hunting. No matter if you are using online listing services to find condos in Montreal or if you are going through an agent or a private landlord or seller. To avoid any surprises, make sure that you research your credit score in advance. You might find that you need to do a little bit of work to get your score to increase so you are in the approval threshold for landlords or lenders.
The Benefits Of Using An Agent
Always consider using a real estate agent when seeking to rent or buy condos in Montreal. An agent has many aces up their sleeve that they can use to help expedite your shopping process.
A few of these include;
- Knowledge of the area.
- Connections with lenders.
- Access to lockboxes.
- Lists of houses and condos that meet your needs.
- Experience in real estate.
- Connections to property management companies.
One of the best bits of advice that can be offered to condo hunters who are looking to buy is to get preapproved by the bank of your choosing well in advance. One advantage of getting preapproved is that you will know what you can afford to buy before you even start shopping. This solitary element can save you hours of your time and will prevent frustration. Be sure to take the time to get that preapproval letter first, so you can shop in confidence.
Avoiding CMHC Mortgage Loan Insurance
Following the real estate crises of 2007, most banks that offer home loans in Canada require that you put at least 20% of the purchase price down as an upfront payment, according to the Canada Mortgage And Housing Corporation.
If you are unable to tender this necessary down payment, you may be required to pay an additional monthly fee to add mortgage insurance, which protects the bank if you default on your loan. Make sure you have the proper down payment in order if you are looking to buy, and you can save a lot of money in the long term.
Other Parting Tips
Looking for a new condo is an undertaking, by all means. But knowing that you have your ducks in a row is a comforting notion, too. Don’t forget these helpful parting tips before you start shopping around.
- Ask about utility providers and their rates.
- Familiarize yourself with the local area, schools and amenities.
- Find out about HOA fees and any rules or restrictions.
- Look for a moving service that can help you relocate.
- Plan as much as you can in advance to streamline your relocation.