Real estate is booming in Montreal, thanks to the thriving employment market that’s driving up demand. The demand means real estate prices are going up, although real estate is far from overvalued in the city. Many people are looking for condos for sale in Montreal since they are the more affordable option. Before you select a condo, follow some tips to make the buying process easier.
Get Pre-Approved for a Mortgage
Move-in-ready condos for sale in Montreal can go quickly, so it’s imperative that you start the process by getting pre-approved for a mortgage. The Montreal real estate market is so hot that many owners get lots of offers. If you have a pre-approval, it could give you an edge and help you win a bidding war. Simply contact your mortgage broker or bank and request a pre-approval. The lender will want to know approximately how much you intend to spend on the condo, so consider that before making the call.
Use Online Tools
Online tools make it easy to find condos for sale in Montreal. You can search all the condos available in the city or neighbourhood and even look by price and amenities. This is a huge time saver and makes it easier to find affordable condos with the amenities you want.
These days, you can do pretty much everything online, including buying condos for sale in Montreal. However, you don’t want to lose the personal touch of buying a condo. Once you find a property of interest, connect with a Realtor. The Realtor can help you make an offer on the property and can also show you some other properties. Realtors are extremely helpful. They are knowledgeable about neighbourhoods and the market, and they typically have lots of properties to show you.
Research the Builder
It’s important to research the builder once you pick one of the condos for sale in Montreal. Find out who made the condo, and then do some checking online. Make sure the builder has a good reputation. It’s also a good idea to talk to other residents in the unit, if possible. If not, ask your real estate agent if he or she has dealt with the builder in the past. Your agent wants you to be happy, so you will get an honest answer about the builder.
Shop Around for Mortgages
You’ve been pre-approved for a mortgage at this point, but it’s still a good idea to shop around before you sign the paperwork. See if you can get a better rate on your mortgage. If you can’t, you can go back to your original bank or broker and submit the paperwork to get the loan.
Act Fast if You Want a Move-in-Ready Condo
Just remember you need to act fast if you want a move-in-ready condo in Montreal. Condos for sale in Montreal are moving faster than ever before. If you take too long to decide, someone else might snatch it up.