In today’s market, more tenants are purchasing their condos directly from landlords. With condo values staying relatively flat or declining in recent years, some landlords are choosing to sell off their properties privately.
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Why an Appraisal Might Be Required for a Condo Purchase
If you’re putting less than 20% down, your mortgage will need to be insured, and the insurer may require an appraisal. They want to ensure the property is priced at fair market value and in good condition.
Don’t Skip the Condo Documents
One of the most important steps is reviewing the condo’s financials and Annual General Meeting minutes. These documents reveal whether the condo corporation is financially healthy, if major repairs are planned, and whether a special assessment or cash call could be coming.
Private Condo Purchase: Extra Steps, But Worth It
Buying a condo privately can be a smart move, but it comes with a bit more homework.
Whether you are preparing to buy your first home or thinking about making a move, if you’re looking to get pre-approved for a mortgage in Edmonton, fill out my online application. I’m here to help you every step of the way.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’m trusted partner who will help you get the right mortgage for your home or investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.