Is Now a Good Time to Purchase a Condo in Burlington?

Burlington was ranked as one of Canada’s Best Communities to live in and one of the best places to raise a family. It is a modern city close to the GTA that offers more affordable housing for growing families. Condo prices are typically lower than in other neighbouring towns, making it an excellent option for those looking to buy their first home or downsize. Whether you purchased a condo before or this is your first time, there are some things to remember when purchasing a condo in Burlington.

Someone On Your Side

Before you begin your condo shopping, consider contacting a real estate agent specializing in condominiums. They’ll have the best insights into the market and know the ins and outs of the neighbourhood and condo amenities. They’ll also work with your interests, finding you the best condo for your investment. Finding a real estate agent specializing in condos means they’ll know the questions to ask, know the best condos in the area, and be familiar with the neighbourhoods. If you have specific requirements, make sure they know because they’ll be able to help narrow down your options.

What’s Your Budget?

These days, with interest rates higher than they’ve been for quite some time, budgets may be smaller than they were a few years ago. The best thing you can do to begin your condo shopping journey is to get pre-approved. Pre-approval helps you budget your living expenses, those condo fees, and mortgage; it also enables you to move on a  property quicker when making an offer. Being pre-approved will also narrow down options before you start looking too closely at some options outside of your price range. Remember, you’re not just thinking about a monthly mortgage, but condo fees, insurance, etc.

What’s Your Ideal Condo?

There are a lot of options for Burlington condos: there are high-rises and townhomes. Are you looking for recreation rooms or higher-end facilities? Craft a list of what you must have and what you’d like to have. Add a never list so you don’t get distracted by bells and whistles.

Don’t Just Look Inside.

When you’re looking at the condo, take a look at what is or isn’t outside. Consider the time of day you’re viewing the apartment. Maybe come back to view it at various times of the day so you understand traffic patterns, accessibility, and more.

What’s your view from the suite in your condo? Are you close to an elevator or recreation room? How does the sound carry? Those are all things to consider before making permanent decisions.

Meet the Neighbours

Your neighbours will be a great resource. For one, you’ll be able to see who you might be living next to, but they’ll also be able to give you the rundown you may get from the condo board. Ask them about the board, property management, and anything else you could think of.

Know the Rules and the fees.

Condos have rules, and some will be more strict than others. What are the condo rules about renovation or decoration? What kind of BBQ (if any) are you allowed to have? Ask the condo board about the allocation of funds collected. What’s their reserve fund like? What’s their maintenance plan like? Low condo fees may sound great, but if it means there’s not enough money in reserve funds for more extensive maintenance and repair projects, it’s coming from condo owners either way. Ask about how the Burlington condo board operates and if it’s a well-oiled machine that prides itself on communication. There is no such thing as too many questions.

You may be asking, “where do we begin?”. We suggest finding a Burlington-area real estate agent will help ease some of the stress and worries. They’ll work with you to ensure all your questions are answered, the items on your list are found, and the condo you’re dreaming of is within your grasp.

Contact a Full-time REALTOR® today!

Looking for an experienced REALTOR® who specializes in the Burlington real estate market? At Royal LePage Burloak we are here to help you with your real estate needs!