Buying a first condo in Montreal is a major step, and a few classic mistakes can derail the deal or cost you down the road. Here are the 5 traps to dodge.
1. Skipping the mortgage pre-approval
Without a pre-approval, you do not know your real budget, and sellers will not take your offer seriously. Talk to a mortgage broker before you start visiting condos.
2. Ignoring condo fees and special assessments
Condo fees can swing the monthly cost significantly. And special assessments for major repairs can hit unexpectedly. Always check the condo's financial statements and the reserve fund before signing.
3. Not reading the bylaws
Pet rules, short-term rental restrictions, balcony BBQ rules, parking allocation. The bylaws shape your daily life. Read them before you commit.
4. Skipping the inspection
Even on a new condo, an inspection catches issues that show up later. Skipping it to save a few hundred dollars is a false economy.
5. Overlooking the welcome tax
The welcome tax can run thousands of dollars on closing day. Build it into your budget from the start so it does not surprise you.
Bonus: work with a broker who knows the condo market
Condos have specifics that a buyer-only broker handles every week. The right partner saves you time, money, and stress.
