BUYING YOUR FIRST CONDO

Congratulations! Buying your first home is one of the most rewarding decisions you’ll ever make.

Yes this can be scary, complex and sometimes frustrating, but I’m here to guide you every step of the way and manage the details to help you make a smart decision that you’ll be proud of for years to come. Having had the pleasure of working with many first-time buyers in the past, I specialize in making this process as easy and stress-free as possible. Below is some information that will help you get a better understanding of the condo buying process. 

If you're not already familiar with condos you might want to take a quick look at a brief overview of what a condo is here.

 

THE CONDO BUYING PROCESS, STEP-BY-STEP

So you’re ready to make the leap and buy your first condo. Here’s how it works

1. LET'S SIT DOWN 

• Let’s grab coffee and get to know each other. I’m here to listen to your purchasing goals and determine how I can best help you accomplish these. We will go over the services I provide and clearly explain what you can expect along the way.
• At this point we will also discuss what neighbourhoods you prefer, your ‘needs’ and ‘wants’ and what price range we will work within.
• In most cases my services are free for buyers*, as buyer's agents are usually paid by the listing agent for helping sell the home.

2. SELECT A LENDER

• Find a good lender and get Pre-Approved. It's important for all buyers to get Pre-Approved with a lender before getting serious about hunting for your condo. This will not only help you figure out how much you can afford but it also locks-in your interest rate and protects you from rising interest rates. 

3. START THE HUNT

• Now that we’re ready to start the fun part! We’ll set up some time to go out together and start looking at different properties. I will organize a tour and accompany you an all viewings, offering extra information and advice along the way.   

4. YOU'VE FOUND THE ONE; WRITE AN OFFER

• This is it! You've found the one...Now what? This is really when the work begins, and when having a highly skilled agent, with market expertise and strong negotiating skills pays off. Make your decision with confidence. We will determine the right price for the condo by reviewing a comprehensive report of recent sales in the area. Then we will prepare the Offer or ‘Agreement of Purchase and Sale’ as I explain all the terms and conditions so you understand exactly what’s happening. I will present the offer on your behalf and help negotiate the best possible price and terms for you.      

5. IF THE OFFER IS ACCEPTED, START YOUR DUE DILIGENCE

• Your offer will usually be contingent to several 'subject' conditions, such as inspection, receiving financing and reviewing the strata documentation (if you're buying a condo), which you will have to satisfy before the offer is 'firm'. Once the offer is accepted (ie. you have agreed on the price) it is now time to start doing your due diligence. There is a lot involved in this process but I am here to walk you through step-by-step.

6. THE CLOSE

• Once you have removed your subject conditions the offer is considered 'firm'. This is usually when your deposit is paid. Now you're in the final stretch as you work towards closing the deal! This involves you following up with your lender to complete the loan approval and meeting with your lawyers to sign all the documents and transfer ownership of the home

Now you can celebrate and start planning your condo-warming party!

If you are thinking about buying your first condo here in Vancouver, and you would like learn more about my services, please contact me at adina@vancouvercondoshop.com 

* This is usually true but there are exceptions. We will discuss at the first meeting.