5 Tips for Buying a Condo in 2019

Purchasing a condo isn’t the same as purchasing a single or multi-family home. With different conditions, processes and fees, there’s a lot that could go wrong without the proper know-how. Every condo community is different, especially when they’re under different property management companies, so it’s essential that you look into each community to figure out which one is right for you. To help you choose the best condo for your needs, here are five tips that are sure to make a difference in the process.

New Build vs Resale Condo

Buying pre-construction condos used to cost less than purchasing existing condo units within the same neighbourhood. However, depending on the city you’re looking to purchase in, those costs could be identical to existing builds, or even exceed them in some cases. While purchasing a resale condo means you can move in or rent it out immediately, it’s always tempting to wait for a brand new build to be complete. This is something you need to consider as you move forward with buying a condo.

Hire a Specialized Realtor

Buying a condo is a much different process than buying a house, which is why it’s best to hire a real estate agent that specializes in buying and selling condos. Not only is there a different purchase contract format to consider, but there are different contingencies as well. These important variables that could make or break your purchase offer are just a few reasons why it’s essential that your realtor has experience selling condos.

Get Financing

Again, dealing in financing a condo is different when purchasing a condo rather than a house or vacant plot of land. You still need to be pre-approved for a certain amount before looking at condos to determine a reasonable budget, but gathering the financing can be tricky. It’s common for lenders and loan products to exclude or forbid condo purchases under their terms. This means that condos are often purchased through cash offers.

Know What’s Included With Purchase

While this might sound obvious, it’s essential that you know exactly what is and isn’t included when purchasing a condo. This includes parking spaces or on site storage.

Ask About Association Fees

Not only do you need to know how much you’re paying monthly, quarterly or annually for association fees, but you need to know what’s included with those fees. Insurance, maintenance, snow removal, landscaping, water, trash pickup, fitness centres, pools, lounges and much more can be covered under association fees. If none of those amenities appeal to you for the association fees the building is charging, then you can move on to other properties that better suit your needs.

Related: Balancing the Best Buy: Home, Condo or Townhouse?

At The 222, we provide clients with luxury condos for sale, as well as newly built houses and brand new townhouse developments for sale. Located throughout Maple Ridge, British Columbia, be sure to visit our website http://the222.ca/ to learn more about floor plan layout, development plans, availabilities and more.