After reading this, be sure to check out Winnipeg Home Finder

If you like this post, please click the +1 button just below this line

Follow @bokauffmann

Buying a Condo in Winnipeg: Financial Considerations

.

Part One of Buying a condo in Winnipeg: what you need to know and consider looked at some of the lighter aspects of buying a condo. With Part Two, it’s time to take a look at finances.

In the long-term, buying a condo is a fantastic investment. That being said, you definitely need to figure out a solid budget for yourself ahead of time before you begin the process of buying a condo. Be aware of the following three things before you make your purchase and there won’t be any unexpected surprises awaiting you!

1) There are many initial start-up costs when buying a condo

These include lawyers, home inspections and down payments. These are all standard costs, but it is wise to factor them into your budget when you’re buying a condo. They can add up quicker than you’d think. Even smaller things, like the cost of changing your address at the post office and any new furniture or appliances you may require – or repairs that may need to be made in your suite – are important to think about when you’re buying a condo.

2) You will have to pay condo fees.

Buying a condo is one of the best investments you can make. In the long term, you save yourself a lot of money and you make money off of your purchase. That being said, it also means that you have to pay a bit more in the beginning. Between the initial flat-fee of a down payment, your monthly or bi-weekly mortgage payment, your yearly property taxes and your monthly condo fees, it can really add up. You may have spent about $500 each month on rent when you lived in an apartment; buying a condo entails the possibility of spending upwards of $900 each month with the combination of your mortgage and condo fees.

3) Condos often have reserve funds.

Reserve funds are an excellent way to ensure that you’re covered in case something goes wrong with the building. Boilers can break down and roofs can need repairing – these things happen! A reserve fund is a pool of money gathered over the years from the homeowners in the building to keep aside just in case of an emergency. It’s always best to be prepared. When you’re buying a condo, ask how much is in the condo building’s reserve fund so that you know what the risk is of having to pay more money in case something unfortunately does happen to need repairs.

There are various fees involved with buying a condo for the first time. The most important tool you can have in the beginning is to be aware of these kinds of things. Prepare for the hidden costs so that you can enjoy all of the benefits of being a proud condo homeowner! Buying a condo involves a lot of preparation and thought… and it is all well-worth the process.

If you’re thinking of buying a condo in Winnipeg, please contact Bo Kauffmann of Remax Performance at 204-333-2202

Click here to take a quick real estate survey

Related articles

• Buying a Condo: What you need to know and consider (bokauffmann.com)
• Downtown Condo Life: A new owners’ perspective and advice (bokauffmann.com)
• Saving space in your Winnipeg downtown condo (bokauffmann.com)
• Winnipeg Condo Market Report for February 2011 (bokauffmann.com)
• What’s the best time to list a home for sale in Winnipeg? (bokauffmann.com)

Receive Blog Posts via e-mail

You'll receive an e-mail twice a month with the latest blog post headlines.  Read the ones you want.  Unsubscribe anytime.

Email:

Powered by Subscribers Magnet

Tagged as: condominium, Condominiums, luxury condos, real estate, realtor, winnipeg, Winnipeg Real Estate Market Update

I hope you enjoy reading my blog. Go here to get a look at all available Remax House Listings, all available Remax Condo Listings and all available Remax Luxury Properties in Winnipeg. Please follow me on Twitter and visit my Facebook Fanpage. Google+ Profile About Me