There are some common mistakes that condo buyers make and Ottawa real estate agents see them time and time again. Read through these common mistakes so that you can avoid making them and have a smooth sale.
1. Lack of budgeting for insurance. In many instances condo buyers opt for insurance deals to save a few dollars. This can cost first time Ottawa condo buyers thousands more than the proper insurance if something goes wrong.
2. Not including the proper escape clauses in the initial contract. If you are not careful you could lose your deposit if things go wrong.
3. Making a big purchase just before or during a mortgage application. This can be a big mistake since it may be reflected in your credit score.
3. Failure to have a proper inspection done prior to the purchase. Missing a serious problem with the Ottawa condo can cost thousands.
5. Not taking care of credit your credit score. This is a very common mistake amongst first time condo buyers and can make a very significant difference to the interest rate you are charged.
6. Not using a real estate agent. Many people make the mistake of not working with an experienced Ottawa real estate attorney on your side. You can count on having problems if you try to make a purchase on your own. It isn’t worth the risk of operating without an agent since you are dealing with thousands of dollars in one transaction.
These mistakes can be very costly over time and it is worth the effort to make sure that you don’t make them as well. Contact your Ottawa real estate agent for more information about condo sales and making a proper purchase.
HomeLife Capital Realty Inc., Brokerage*
