Thinking of buying a condo in a year or two? Start planning now!
Buying a new home means making a commitment and a sizeable investment but above all, it’s a decision that deserves to be well planned. So if you have a project to buy a condo, here are the elements that will help you answer the basic questions: what, how, where, when and who.
What? That’s the starting point. What do you need and what do you want? How many bedrooms? Do you want a shower, a bath or both? Do you have grown-up or small children or do you plan to start a family? Do you require a parking space, a terrace, storage for your bikes? There are no right or wrong answers to these questions but you need to ask them to ensure in the end that you’ll be perfectly satisfied with your choice.
How much? Of course, there are always the finances: How much can you invest in a down payment? How much is the bank willing to lend you and at what rate? What is your realistic budget to save today and buy tomorrow? What are the expenses to incur at the time of purchase (transfer tax, notary fees, movers) and then in everyday life (property and school taxes, condo fees, maintenance). Find out about programs such as Accès Condos, whose purchasing credit enables the purchase of a home with a down payment of only $1,000, the subsidies offered to first time buyers by the Ville de Montréal or the Home Buyers’ Plan (HBP).
After figuring the answers to these two preliminary questions, you can start exploring the market and get an idea of the choices that may be available to you when you decide to take the plunge.
Where? Montréal offers such a diversity of neighborhoods and living environments that you will definitely find what suits you. List the features you are looking for, such as proximity to schools, parks, gourmet shops or night life, shopping and cultural centers, and then: go for a walk! Discover every neighborhood and do not overlook the potential of revitalization areas for they often offer attractive investment opportunities!
When? There are two possible answers to this. The first is rational and depends on your financial flexibility, the sales price of the condo that you found as well as the programs to which you have access, such as an Accès Condos purchase credit or a home ownership grant. The second is emotional and is based on the moment when you find the home that will start you dreaming, either when looking at architectural plans or during an on-site visit.
Who? When you think you’ve found your condo, it is also important to inform yourself about the developer, his accreditations and the warrantee plan he offers. Note: All accredited Accès Condos projects are selected by the SHDM, a para-municipal corporation reporting to the Ville de Montréal. Thus, the SHDM requires from the developers it selects under the Accès Condos program, that a warranty plan be provided to each purchaser by a duly authorized administrator including the Association des professionnels de la construction et de l’habitation du Québec (APCHQ) and the Association des constructeurs du Québec (ACQ).