Buying a condominium, or condo, is much different than buying other forms of real estate. There are a lot of things you need to keep in mind before buying one. Condos carry many advantages over homes — they can sometimes be had at lower cost than a house, and there are a lot of things that will be done for you like regular maintenance and a great community lifestyle. Read some tips for buying your first Richmond Condo, and learn how the right real estate agent can help you find the right new home and close the purchase.
Know What You Want
Weigh the pros and cons of condo ownership and be sure it’s what you want. With a condo you’ll have a lot of perks, like maintenance and repairs built into the deal. You’ll also be really close to your neighbours — sharing walls, even. You won’t have a yard to maintain, and if you’re a big-time gardener, you may have less space than you’d like to tend those flowers and veggies.
If you love communal living, and relish the idea of having a home that’s well-kept without the need to worry about maintenance costs, and you don’t mind close proximity and a lack of a yard, a condo might be great.
Financing is not the same as it is for home buying, either. It’s critical to seek pre-approval when you buy a condo, but it may be trickier to get such pre-approval as many lenders don’t fund condo purchasing. If you want an FHA loan you’ll need to be sure the condo is approved. You might be able to get private financing, but this can require a hefty down payment. Be prepared to work towards your financing.
Understand Fees, Regulations, and Benefits
Go over the rules and regulations of the Condo association in detail. Understand what you’re getting and what your responsibilities will be. Do you get a parking space? Is there space for visitors to park? What about storage? Is there access to communal services, and are they limited in usage in any way? What about noise regulations?
Above all, what are the fees you’ll need to pay, and what they provide. Are there special assessment fees? The more information you can get about what you’ll have to pay in an ongoing basis, and what you get for your fees, the better off you’ll be.
Find the Right Richmond Condo Realtor
Finding the right Richmond condo is much easier if you call on the right realtor, who knows the neighbourhood and has experience in dealing with this kind of specialty property purchasing. I’ve got many years of experience helping prospective Richmond residents find the perfect home for them, whether it’s a condo or a house. I can guide you through the process, explain complex concepts, and help you close on the new home of your dreams.
Don’t let the process of Richmond condo buying stress and scare you. Give me a call and let’s get started today!