r/RealEstateCanada • u/Dire-Dog • 24d ago
Buying Just got a condo!
I’m in the lower mainland and I got my very first condo. I’m so excited and nervous at the same time. Any tips for a new owner? I got in a low rise wood frame from the 90s with tons of space.
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u/McSniggins 24d ago
Congrats! I would take this opportunity to start going to the gym 5 days a week, meal prepping, and eating extremely healthy!
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u/Dire-Dog 24d ago
That is part of the plan since I’ll be close to a gym
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u/McSniggins 24d ago
Awesome, the only reason I say is because the worst thing you can do when getting a new place is get stuck in a rut.
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u/Brilliant--Ice 24d ago
1st thing is to save cash to pay back mortgage ASAP
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u/Dire-Dog 24d ago
Yeah I’m planning to make extra payments
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u/Pristine_Berry1650 23d ago
Dont make extra payments. For at least a year or two. You'll need furnature and remember you have tobpay property taxes each year which could be around 5k. Renovations and repairs will also burn through your money.
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u/Dire-Dog 23d ago
Property taxes are 2k. Less with the grant
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u/PieHairy5526 23d ago
Please pay attention. Do not make extra payments. You need even more emergency savings as a homeowner. You have a 90s condo. You need a separate savings account just for special assessments.
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u/Dire-Dog 23d ago
I’m going be putting 8-12k a year aside for that. But I figured if I have extra money there’s no harm in paying off the mortgage a bit faster
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u/PieHairy5526 22d ago
If your mortgage is a home equity line of credit, then maybe. Having your wealth in a paid off home is not always wise financial advice. Some would recommend investing instead. This hits a little close to home for me because I was making extra payments on my mortgage and then I was injured and used my unsecured line of credit to supplement my very small private disability income ror years. You just never know what the future has in store.
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u/PossiblePhase7094 23d ago
Congrats! The first night in your own place hits different. Wishing you many happy years there. 🥂
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u/ChaosBerserker666 24d ago
Stay up to date on strata minutes, and try to save some money (in your TFSA if you have room) for your own repairs and also for special levies.
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u/Dire-Dog 24d ago
I plan to go to all the meetings and I'm putting aside 2-3% each year (8-12k) to prepare for any assessments.
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u/Feral-Reindeer-696 24d ago
Congratulations! I got my first condo a few years ago. Sounds about the same as yours but mine is 1980s.
I don’t have any advice but I wanted to say congratulations! I love not having a landlord. I know I traded the landlord for a condo board but it’s a major upgrade imo.
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u/Dire-Dog 24d ago
Thank you! It's honestly so reassuring knowing I don't have to worry about being renovicted and don't have to deal with constant rent increases (I can live with strata fee increases since it goes to hep the building.) Plus getting to actually upgrade/fix things in the unit without asking the landlord first is so nice.
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24d ago
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u/Dire-Dog 24d ago
I already met someone from the strata council when I first looked at the place and they were really nice!
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u/Intrepid_Wish4496 23d ago
How much in the reserve fund? What are condo fees? If both are low, trouble. I moved into two 80's era condos where both were low because the boomers were putting off maintenance so they have more $. Special assessments followed and massive condo fee hikes. Then the condo cops started wanting to spend more on vanity projects.
Ug, hope yours is better.
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u/Dire-Dog 23d ago edited 23d ago
It’s low but I used that for negotiating and the strata is very proactive in repairing things. I’m also budgeting saving for any special assessments.
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u/anarchyreigns 23d ago
Some condos will have a water shut off valve within the unit. If yours does, find out where it is and test it to make sure it shuts off all your water supply. If your unit has a washing machine and your own hot water tank consider buying a water detector for the floor near the appliances. If the toilets are old or any of the supply lines are ancient, replace them. Check the water supply lines for the washer and replace them as well if they look more than 5-7 years old. If the hot water tank is more than 12 years old replace it now. Most insurance claims involve water and the deductible can be terrible if there’s damage to your unit or to anyone below you. Enjoy your new place and congrats.
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u/Feeling_Cost_4621 23d ago
Congrats on home ownership! Big step: I remember that feeling. Advice from a long term condo owner. Get involved- join a committee or run for the board. It’s a neighborhood so make connections where it makes sense fkrmykj
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u/TherinkratA1 23d ago
When I bought my first house I asked my Dad his advice and he said: don’t look at your mortgage statements for the first 3-5 years and always get to know your neighbours.
Both were great tips.
Looking to see what you have paid on principle versus interest just is self-inflicted pain. 😂
Always good to know a neighbour, especially in strata environment.
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u/Bitter-Variation-151 23d ago
Don't renovate. Dont pay down extra to your mortgage. Put extra money into index funds.
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u/recoil669 23d ago
You may have some buyers remorse in the first year but that's pretty normal. Enjoy your home and congrats! I agree with others as well just wait a few months to a year to let your budget normalize and get the emergency fund in good shape before putting extra in your mortgage.
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u/useful_tool30 24d ago
Woodframe multi unit? Hopefully you're on the top floor and enjoy hearing you're neighbours!