How To Buy A Condo In Niagara Falls

How To Buy A Condo In Niagara Falls

Niagara’s real estate market consists of many properties that will suit tourists, investors, and residents. The city is home to various new construction homes, apartment buildings, and to-be-built homes available to buyers who want to have a say in the customization of their new homes. 

For those looking for maintenance-free living in the Niagara region, there are many selections of new, modern, or simple condos or houses. That is why you can buy your next Niagara Falls condo here.

Tips For Buying A Condo In Niagara Falls

Buying a condo can be an exciting yet overwhelming experience. For starters, it is an excellent investment, so you must be sure it’s worth the money. When preparing to become a property owner, it would be best if you do the following:

#1. Figure Out How Much You Can Afford to Spend

With so many online mortgage calculators, you can quickly determine what type of condo you should look for. You can also seek pre-approved financing; your mortgage broker or banking representative will help you with this step. 

#2. Decide What Niagara Falls Neighborhood Works Best for You

The greatest thing about condominiums is that you can own your condo and share the building’s common area (pool, health club, elevators). Depending on the amenities you are looking for or where you want to live, you can determine what location within Niagara Falls fits your preferences, needs, and budget. 

#3. Hire a Real Estate Agent

In addition to offering valuable assistance on the type of condo or financial solutions, a real estate agent will get you the best deals available in the Niagara Falls real estate market. They will take you around to check out condos they feel meet your needs and budget and negotiate on your behalf. You can also go to open houses, check out real estate listing services online, or read newspaper ads.

#4. Consider Hiring a Lawyer

A lawyer can help you with the legalities of purchasing a condo. Most likely, your real estate agent will recommend a top-rated lawyer who is experienced in real estate transactions. 

#5. Make an Offer

If you have found your dream condo, your real estate agent will draw up a proposal on your behalf. They will take the offer (including your price and proposed move-in date) to the selling agent. The seller can accept your offer, reject it, or send it back, expressing what they do not like and proposing a counter offer. 

#6. Arrange Your Mortgage

Once you have agreed to the offer, you should consider arranging your mortgage. If you haven’t done this already, pick up the phone and call a mortgage broker, trust company, or your bank. 

#7. Get a Reliable Home Inspector

While seeking help from a home inspector is not a mandatory step, it is in your best interest to have an assessment done by a professional home inspector for any current or potential problems with your future condo. 

#8. Close the Deal

It’s now the time to set up your homeowner’s insurance, or you won’t be able to get a mortgage. In addition, you need to attend a meeting with your lawyer to sign transfer funds and papers. During the final signing, you may receive the keys to your condo. 

#9. Make Your Move

Moving day is usually full of excitement but can also turn into a headache if you haven’t prepared everything already. You need to book a moving company, change your address with the post office, and arrange utilities. 

What Does Niagara Falls Have To Offer?

Studies have shown that Niagara is among Canada’s best places to buy real estate. Moreover, MoneySense has placed Niagara Falls in fifth place among the top 35 regions across the country – up seven positions compared to 12th place in 2018. 

If you are considering moving to the Niagara region, it might be what you need. Regarding the quality of life, Niagara Falls is unbeatable. The vibrant city invites you to a luxurious urban center and a peaceful and family-friendly community.  

In addition to being an affordable city, Niagara Falls also offers a great job environment. Moreover, the Niagara Falls Employment Help Center can help those looking to find suitable job opportunities. The region is also excellent for its education system, providing a variety of post-secondary schools and school boards. 

If you are a nature lover, you can find various fishing and swimming spots or biking trails to enjoy the outdoors. If you want to impress your family with the breathtaking sights of waterfalls and mist, you can opt for helicopter rides.

Niagara Falls Real Estate Market

The interest in condos in the Niagara region has been climbing in recent years. As such, Niagara Falls is ready for a population explosion within the next 20 years, with plans for continued development and expansion. Undoubtedly, the Niagara region is turning into one of the best places you should invest in the real estate market in the country. 

Additionally, Niagara has become a hub for economic activity due to its excellent access to the United States through its two borders; Rainbow Bridge and Queenston Bridge. Moreover, the area has been widely popular for investors and first-time buyers because of the excellent highway access, expansion of the GO train, and proximity to Toronto. With so many travel options and shopping solutions, Niagara Falls is the right place to be if you are considering purchasing a condo or home. 

As of April 2022, the average housing price stands at $814,500, an increase of 26.8% from February 2021. As for condos, prices range from $379,000 to $2,199,900. So, if you want to buy a condo in Niagara Falls, you can get a great deal. Niagara Falls is significantly affordable for those who decide to move or invest in Ontario, and the prices are expected to decrease in the next couple of years.