Buying a condo can be an excellent investment or the perfect way to enter the real estate market—especially for first-time buyers or downsizers looking for a low-maintenance lifestyle. However, like any major financial decision, there are key factors to consider before signing on the dotted line.
If you’re thinking about buying a condo, here’s what you need to know to make an informed decision. And remember—Pash Financial Services has your back. Contact us for expert guidance from a trusted Mortgage Agent in Vaughan.
1. Understand What You’re Actually Buying
When you purchase a condo, you’re not just buying your unit—you’re also buying into the building and its shared amenities. This includes common areas like gyms, pools, parking garages, and landscaping.
Make sure you understand:
The boundaries of your unit
What the condo corporation is responsible for
Whether you have access to amenities (and how they’re maintained)
Read the declaration and by-laws carefully. A Mortgage Agent in Vaughan can help connect you with legal professionals to review these documents.
2. Review the Monthly Maintenance Fees
Every condo comes with maintenance fees that cover the upkeep of shared spaces and services. These fees can vary widely depending on location, amenities, and the age of the building.
Before buying a condo, consider:
Are the fees within your monthly budget?
Do they cover heating, water, or hydro?
Have the fees been increasing steadily over the years?
Don’t forget—your mortgage payment is just one part of your monthly housing cost.
3. Know the Rules and Restrictions
Condo living often comes with specific rules set by the condo board. These can include:
Pet restrictions
Rental limitations
Noise regulations
Renovation approvals
If lifestyle flexibility is important to you, ensure the condo’s rules align with your expectations before committing.
4. Check the Reserve Fund and Financial Health
A healthy reserve fund is essential for covering major repairs (like roof replacements or elevator upgrades) without requiring special assessments or fee increases.
Before making an offer:
Request a Status Certificate
Review the financial statements
Look for any pending lawsuits or major projects
A reputable Mortgage Agent in Vaughan, like those at Pash Financial Services, can walk you through this process and refer you to professionals for a full review.
5. Consider the Location and Market Value
Location is key in real estate—and condos are no exception. Proximity to transit, schools, shopping, and employment hubs can significantly impact your resale value and quality of life.
Also, research:
Average price trends in the building and neighborhood
Vacancy rates for rental units (if you plan to invest)
The reputation of the builder or management company
6. Secure the Right Mortgage
Financing a condo is different from financing a freehold home. Lenders may have specific requirements related to the condo corporation’s status, the size of the unit, or even the building’s insurance coverage.
This is where the expertise of a Mortgage Agent in Vaughan becomes invaluable. At Pash Financial Services, we help you navigate:
Pre-approvals tailored to condo purchases
Competitive mortgage rates
Lender requirements specific to condo units
Final Thoughts
Buying a condo is a smart move for many—but it’s not a decision to take lightly. From legal documents and building rules to financing and future resale value, there’s a lot to consider.
That’s why Pash Financial Services has your back. We take the guesswork out of the process by connecting you with a dedicated Mortgage Agent in Vaughan who will guide you every step of the way.
📞 Ready to explore your condo options?
Contact us today to get started with a personalized mortgage plan that fits your budget and goals.