Buying a condo in Winnipeg can turn out to be a great idea, especially if you’re a first-time home buyer. The obvious advantage of buying a condominium is its price. Condos are more affordable than houses, but price is just one aspect you should consider when shopping around for a new home.
There are several different steps that lead to a successful purchase. Here in this Condo Buyer Guide, are some things I think you need to consider before buying a condo in Winnipeg:
Start planning before you start looking
Proper planning is the key to making a smart investment. You should start planning before you even begin looking for the right condo. A good starting point is taking care of the financial details. If you’re going to take out a loan, it’s better to do it early on in the buying process.
Knowing what you can afford is just as important as knowing what you want when buying a condo in Winnipeg. Planning ahead will not only speed up the buying process, but it will also make it more enjoyable
Do your homework
Research is very important, but most buyers don’t really know what to look for. Don’t worry if you’re one of them. Here are some important things you should always check out before committing to buying a condominium:
- The neighborhood and your prospective neighbors.
- The condo association.
- The maintenance fees.
- The amenities.
- The owner occupancy rate.
These things are essential when buying a condo. If you spot any red flags, I would strongly recommend walking away from the deal. (In Winnipeg, the buyer has 7 full days to look over the condo documents, and can then decide whether to proceed with the purchase. A buyer can back out of the purchase agreement with NO financial penalty, so long as they back out within those 7 days.) There are plenty of options out there, so if something just doesn’t seem right, there’s no reason to waste any more time.
Hire an agent
A skilled real estate agent can make the process of buying a condo a lot easier. You need an agent who knows the market inside-out and who can give you the best advice.
I get the best results for my clients by really listening to their needs. This allows me to find that one condo that fits their criteria perfectly. Don’t hire an agent who spends little time talking to you because it could actually end up costing you money.
Let the search begin
Once you find the right REALTOR®, shopping around for a condo should go much easier. This is probably the most exciting part for buyers. It’s also when people tend to make mistakes and act on an impulse.
My advice is to make sure you don’t rush this stage in the buying process. Look at several condominiums before committing to one. It’s important to weigh in all the pros and cons before you make an offer. Also, it’s best to discuss the price with your realtor and come up with a number that puts you in a favourable position.
Closing the deal
You’ve found the perfect place. Assuming everything is in order and all your documentation is in place, it’s time for all the relevant parties to sign the contract for sale. Your agent should take care of all the paperwork, so your work is pretty much done. Keep in mind that the closing costs for buying a condo are pretty much the same as those when buying a house in Winnipeg.
The only thing left to do is move in, open a bottle of champagne and celebrate your new home.
Buying a condo in Winnipeg?
Condos can be a great starting point, but finding the perfect condo is not always easy. As you’ve seen in this Condo Buyer Guide, there are a lot of things you need to consider before buying a condominium in Winnipeg. If you’re looking for an agent who will spend time listening to your needs, then you’ve come to the right place.
I am very passionate about what I do and have a good grasp of the condo market. But we can talk more about all that during a FREE 45-minute home-buyer consultation.
About the Publisher
Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.
Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.
He can be reached easily By E-Mail or call/text him Call/Text Here
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Shramek
What a wonderful step by step guide to buying a condo in winnipeg. This is definitely an authority source. Bookmarked & shared!
manca77
Buying a condo is a serious matter Agent is a very important link. He is the one who is responsible for everything to be ok. If the agent does its job properly moving into a condo is more than pleasure.
Diana Tan
I guess having a real estate agent cuts down all the research and homework to be done and this will save lots of time for a busy person. But nothing can beat doing some background checks like the surroundings and neighbourhoods for long term peace of mind, especially for retirees.
Kevin M
I wonder what a good area in Winnipeg to buy a condo would be? As the article says its so important to have an agent you can talk to .
Nicole
I like your “Homework” Checklist. I also like that you suggest walking away from a specific condo if any red flags are spotted. I agree that an EXPERIENCED and Skilled agent are the way to go. Especially, if you are a fist time buyer. Great article!
SherylP
Buying a condo is a big investment that needs to be thought of many times. We have been planning to purchase one for quite a while now but I guess we have not decided yet because we need to look around more and probably need guidance from someone like you.
Jasmine
Oh my, this is soooo helpful. A friend of mine is getting married in 6 months time and she and her husband are moving to Winnipeg. I’m glad I found this article. I’ll definitely make them do their homework before they start the search.
Ryan
Thanks for the informative article. We’ll be sure to call you when we head that way this summer.
Dana
My sister recently purchased a condo in Winnipeg using your help. And she told me that you took care of all of the paperwork for her. She highly recommends your name to me for finding a condo for me. Thanks.
Harley
Doing the homework before you start the search for the condo is the best way to find a perfect match. I already completed the homework, now trying to find the agent. And my search ends now as I come to this website!