If you're thinking of buying a home in Winnipeg, you will probably have questions. Whether you're a first time buyer or someone looking to move up to a larger home, or selling to move into a retirement condo. Here is a collection of some of the most frequently asked questions about buying real estate in Winnipeg.
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In Winnipeg, (as in most North American areas) when a home sellers lists their house or condo for sale, they built a buyer agents' commission right into the price. It works out that in about 95% of cases, your buyer agent fee is already covered by the seller, so that you (the home buyer) does not have to pay out of pocket.
If you are buying a condo unit, you are actually becoming a part-owner of the entire building (or complex). For example, if a high-rise building has 100 suites, and all are the same size, you would be a 1% owner of the entire building.
This becomes important when something goes wrong: For example, if the roof needs to be replaced, at a cost of $75,000, and there is not enough money in the Reserve Fund, all owners will have to chip in via a ‘Special Assessment'. Each owner is responsible for the percentage of the building they own….in this case, 1% of $75,000 would mean that you have to chip in $750.
About the PublisherBo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist. Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages. He can be reached easily By E-Mail or call/text him Call/Text Here
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