Real estate transactions are not always as straight forward as they may seem. In the condominium market, there are many pitfalls to avoid, as well as helpful advice to keep in mind. Here, we've cataloged some tips, tricks and advice to help you.
Buying a condominium is complicated. It’s easy to get lost in the process of searching for the right one. During the search it’s also easy to forget things you know you need to do like getting pre-approved. We’ve included some tips on the condo-buying process to help you in your search.
Find the one.
When searching for a condominium, remember to take your time. There is natural pressure involved in the searching process and making a decision too quickly can result in missing out on the one that’s right for you. Approaching the buying process with the intention to ‘just get it over with’ can lead to missing an opportunity to find a condo that is made for you.
Getting pre-approved for your home loan is important. Some sellers require pre-approval before they will accept an offer. While it is not always required, it is considered a must by most experienced home buyers. It not only strengthens your potential offer by showing that you’re serious about purchasing. It gives you a clear map of what you can afford. This saves time in the searching process.
Listing your condo is an involved process. Whether you're listing for the first time, or you're a seasoned seller, having a reference guide can mean the difference between the process being easy or difficult. We’ve put together a few tips to help you through the process.
If you’re thinking of selling, work your way backwards from the day you get an offer. Ask questions like: How do you set your unit apart? When is the best time to sell? What should I list my condo for? Questions like these are also easy for a competent broker to answer, and that will help you choose who to list with.
KNOW YOUR MARKET.
Listing at different times of year can mean tens of thousands of dollars difference in selling price. Knowing who else is listing in your area means knowing exactly what your unit is competing against. This affects how quickly your home sells, and what it sells for. Knowing your market could be the key factor in getting exactly what you ask for.