The last article of our series on buying a condo focuses on additional information the buyer should know before signing the ultimate contract: services, property taxes, new home warranty program, developer, and insurance.
Ask the condo manager about the municipal taxes and the services offered: garbage pickup, road repairs, snow removal, etc. Are the general services included in the monthly fees? Some co-owners pay independent contractors through an additional condo service charge.
To get an idea of the property tax amount you will have to pay, contact the municipality if the building is new. In the case of a resale condo, ask the property manager to provide you with a copy of the most recent property assessment and most recent tax statement. The real estate broker may also have this information on hand.[……]
According to Jonathan Haziza, a product manager for mortgage solutions at National Bank, the scale of the costs linked to buying a property tend to be underestimated by first-time buyers. So without further ado, here are some expenses to keep in mind for a realistic portrait of what lies ahead.
Your financial institution may ask for an evaluation of the property’s market worth. This happens when the cost is steep or the property contains various risk factors. Requesting an appraisal is a means of protection: either to ensure that payments won’t be above your means, or to verify that the property is truly worth what you’re about to pay. You’ll therefore need to hire an appraiser to produce the necessary documents.
Hiring a building inspector to check for hidden defects in pre-existing houses is crucial. This will help you avoid bad surprises that could cost you a lot; you’ll have peace of mind knowing that everything is as it should be.[……]
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Can a house really generate savings? We hear so many owners complain about all the money they can pump into a house that you might end up thinking that a house is a bottomless pit when it comes to your budget. The real pessimistic owners complain about always having to pay and pay.
Two writers offer various ways to reduce our household bills. They have opposite approaches. The first one opts for classic savings; the second one takes the road less traveled.
A reporter for the business pages of La Presse newspaper, Stéphanie Grammond offers her advice in her paperback Acheter sans se faire rouler. In terms of insurance, she invites owners to use common sense. You can save a lot over the years by doing certain renovations, getting an alarm system, not making insurance claims for every little thing and having a deductible higher than $300.[……]