Malena Quintero and Javier Castrillon initially aimed to purchase a condominium. However, the monthly condominium fees, often ranging from $400 to $500, made the venture financially burdensome. Consequently, they shifted their focus to duplexes or single-family homes, which typically have minimal or no condo fees.
Navigating Homeownership Challenges
On a recent house-hunting trip with real estate agent Sara Abonce, Quintero explored two properties while Castrillon was at work. “Houses are selling so quickly that we can’t wait for both of our schedules. We’ve already made offers from my car right after a showing,” Abonce stated. This reflects the ongoing bidding wars affecting prospective buyers who are often outbid.
Exploring Options: The Duplex
The first property was a duplex built in 2008, located in the Neufchâtel–Est–Lebourgneuf neighborhood. The home features a partially renovated kitchen and two bedrooms alongside a bathroom situated in the basement. While the size is modest, it is move-in ready. Quintero appreciates the home but feels disheartened by the bidding wars. Despite having a mortgage pre-authorization of $400,000, her offers of $78,600 over asking price on one property and $65,000 on another were rejected.
- Property Price: $325,000
- Condo Fees: $175/month
“It’s shocking that I have to pay this much because of the current market,” Quintero commented. Abonce added that one seller declined an asking price offer in hopes of a bidding war, with the couple having submitted a total of ten purchase offers so far.
Single-Family Home Needs Renovation
The next visit took them to a single-family home built in 1961, located in the sought-after Duberger–Les Saules area. The asking price is $359,000. Upon entering, Quintero expressed her concerns. “It’s too close to the neighbors. There’s not much privacy,” she remarked. The house requires several renovations, which is a deterrent for Quintero, despite its appealing price.
- Property Price: $359,000
- Location: Central and desirable area
“We visit it because of the price and to keep up with the market. We never know if it’s better to pay $359,000 for a duplex that’s move-in ready or the same amount for this home, which needs work,” said Abonce. She believes the seller will not accept a lower offer unless significant issues are uncovered during the inspection.
Quintero shared her feelings regarding the two homes. “When I entered the first house, I felt good. Here, I do not get that feeling.” Homeownership remains an aspiration for her, but she is determined not to compromise on her criteria.
For prospective buyers navigating the housing market, understanding the challenges of bidding wars and financial constraints is essential. For more tips on budgeting for property purchases, stay tuned for our next article.
