You should make sure that you do your research. Never settle on the first condo that you look at. Even if you have found one that you like, you should look around other similar properties in the area at the same price to see what else you can get for your money and get a sense of prevailing prices. 
 

When you begin your search for a condo, speak to a real estate agent to ask for a market analysis. This will give you information regarding the prices of condos in the area and show you the selling trends. The market analysis will show you the price appreciation on condos in the area so you can see how fast condos are increasing in value. 
 

You may also want to speak to current residents of the building you are looking at moving into. Does it have a good reputation? How often are repairs and maintenance required? Is the soundproofing good? 



How to Buy a Condo

Once you have found your perfect condo – the next step is to look at buying it. Before you put in an offer you should make sure that you can afford it. Use a mortgage calculator to help establish what you can afford and whether purchasing a condo is financially viable. 

You will then need to get pre-approved for a mortgage. Most mortgage lenders will allow you to put up to 28 percent of your gross income or 36 percent of your net income towards a house payment. 
 

Most mortgages require you to put down a deposit of between 10 and 20 percent of the house price – so make sure you are able to produce this amount. The less money you put down upfront – the higher the monthly mortgage repayments. So it is advised that you put down the largest deposit you can. 
 

When you have decided to make an offer on a condo you should consult with your real estate agent who is experienced in presenting offers to landlords. They will be able to make sure that you get the best price possible for you. Your real estate agent will also guide you through the whole process of buying your perfect condo.