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.
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.
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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
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.
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.