First condo purchase: the seven mistakes I see most often

Buying a first condo is a milestone — and a minefield for anyone without guidance. After more than 1,000 transactions, I see the same mistakes come back. Here are the seven most common, and how to avoid them.

1. Looking only at the purchase price

The real cost of a condo is the price, the condo fees, municipal and school taxes, insurance and any special assessments. I always prepare a complete monthly budget before we visit.

2. Ignoring the contingency fund

An underfunded contingency fund means special assessments ahead. Ask for the fund study, the financial statements and the minutes of the last two years. A well-managed syndicate is peace of mind worth paying for.

3. Skipping the inspection “because it’s new”

Even in a recent building, the inspector checks ventilation, plumbing, windows, water infiltration and finishes. In an older building, he also looks at the common areas: roof, garage, envelope.

4. Forgetting parking and storage

A condo without parking resells less easily downtown. Check whether the space is a private portion, a common portion for restricted use, or a simple rental: it matters at resale time.

5. Overlooking the building’s by-laws

Pets, short-term rentals, renovations, noise: the by-laws shape your daily life and the resale value. Read them before you sign, not after.

6. Showing up without a pre-approval

In a sought-after area, the pre-approved buyer beats the one who “will check with the bank.” Pre-approval also sets a realistic budget and avoids disappointment.

7. Buying alone

The seller has a broker defending his interests. You deserve yours. My role: spot what you don’t see, negotiate the price and the terms, and coordinate notary, inspector and bank until the keys are handed over.

Planning a move in Montréal or on the South Shore? Write to me or call 514 449-8177 for a personalized, no-obligation analysis.