Inspection crucial when buying a new condo
We all know the Canadian Government tightened the leash a bit on its mortgage loans, lowering the maximum amortization period from 30 to 25 years. This means mortgages will essentially cost more money per month than they used to as they attempt to throw a little water on a white hot fire. First time home-buyers, who now have a hard enough time as it is trying to purchase their first home, have been moving their efforts into the condominium market, which is growing and the prices are continuing to rise.
But condominiums aren’t apartments. They’re more expensive and any added cost might mean the buyer, who thought they were making the cost-effective decision to live in a condo, may be spending more money.
Condos aren’t indestructible. Things break, things go wrong, and sometimes it can be at the buyers cost. So as more and more young, potential first-time home buyers head for condos, they could be in for more costs if they don’t get a home inspection. Home inspections are recommended when moving into your condominium.
Just because most Edmonton condos are fairly modern, doesn’t mean the builder didn’t make mistakes. If you don’t get an inspection, who’s to prove it wasn’t you that’s caused a malfunction?
So before things start to crumble and could start costing you money that you weren’t expecting, get a simple home inspection.
(Photo Credit: Deya B)
Post by Yvonne Wilchewski of River City Financial.