Buying a condo 101
So you are interested in some of the most spectacular Burnaby condos. You feel that it is time that you own your own home and take matters into your own hands. But where should you start? Should you start looking for condos right away? Or should you head to your bank first?
In this article we will walk you through the whole process:
- Get pre-approved for a loan:
Heading to the bank will give you all the financial information you need before even trying to look for a condo. Your pre-qualified amount is different from the amount that will actually be approved for your loan. You should consider visiting more than one financial institution to ensure that you are getting the best rate.
- Research the area:
Spend some time investigating the area where you want to move in. Look online for crime rates, commuting time, traffic patterns and the proximity to major attractions and facilities. Consider visiting the neighborhood at different times.
- Hire a trustworthy realtor or do the search yourself:
You can hire a trustworthy realtor who will do the search on your behalf and will show you the best matches to your pre-set criteria or you can do that search yourself. Make sure that your realtor is certified and licensed. You can subscribe to a real estate magazine or search the local newspaper. Check the online real estate listings sites.
- Attend open houses:
When you have a short list, check out the scheduled open houses. Contact the owner for a separate viewing. Ask about the association fees and keep a note to write down all the pros and cons.
- Make an offer:
This is where you can negotiate. Don’t make an offer that it is too low as the seller might not take you seriously.
- Review any counter offer:
If the seller is firm about the selling price, ask about the closing fees and processing fees where the seller might consider negotiating.
- Sign the contract:
You will ideally have to wait until a lawyer has reviewed and approved the contract. You are most likely going to pay a down payment. Ask if this money can be reclaimed if the deal is not made for any reason. Wait for your closing date and use this time to finish your mortgage paper work. All the information should be processed by your lender and you will be asked to pay some closing fees.
- Congratulations! It is time to move in:
Get your keys and start moving.
Buying a condo could be an intimidating experience. But if you are interested in moving into one of the great Burnaby condos, then you shouldn’t wait any longer.