Understanding the process when you buy a condo in Winnipeg is helpful. It can help your mindset and avoid getting stressed out. With financing in place, you can confidently look around at potential places to buy. The right location, the amenities you want, and the bylaws you are fine with all help you live there without problems or regrets. Do yourself a favour and find a great real estate agent to work with. They will save you time and help you avoid mistakes as you search for the perfect condo to invest in. There are many reasons why someone would prefer a condo over a house.
Follow The Process
Buying a condo involves being honest and realistic about what you are after. With so many different styles, sizes, and locations, you should have a good idea of what you want. This helps you narrow down the possibilities. Some are family-friendly, and others cater to those 55 and older. Strive to find a great match where you feel welcomed and love the environment where you live.
Couples should sit down together and make a list of what the condo must offer for them. Another list of things they want, but they aren’t essential, is a good idea. When you find a condo that offers most things you want and plenty of extras, it should be high on your list to check out in person. Before you do so, look at pictures online and videos to see if they are available. If there is anything that is a deal breaker, you aren’t spending time seeing it in person. Use our condo checklist to stay on track.
Check out my related articles: Condo Buying Checklist, Condo Myths Debunked and Things I Wish I Knew.
Have The Right Mindset
As you see the different types of condos out there, your mindset about them can shift. They aren’t just a fancy word for an apartment! Buying one can be exciting, and the layouts are amazing! Some are basic, and others are upscale. No matter what you have in mind, the right condo is out there. Don’t rush the process and settle for something you won’t be thrilled with. Take as much time as you need to find the best condo.
Take Care Of Financing
A great real estate agent can help you get pre-qualified to buy a condo. The paperwork doesn’t have to be intimidating. They can guide you, help you with any questions you have, and help you connect with a lender specializing in condo financing. When you know you are approved, the amount, and what your payment would be, it enables you to search for a condo stress-free.
Sticking within your price range is essential; your realtor will respect this. They aren’t going to try to get you to buy something that stretches your budget too thin. They can help you make a reasonable offer on a condo when you find one you love! They know what to include in that contract to cover your rights and help you get the best deal possible. Many sellers are interested in negotiating when they know the potential buyer has secured financing.
Find The Right Location
Where do you wish to live? Condos are located downtown, on the waterfront, and in secluded areas. Do you want easy access to the parks and green areas? Would you love to be within walking distance of shops and restaurants? A short daily commute to and from work will help you make the most of your free time.
Evaluate a given location’s pros and cons before buying a condo. Certain areas are higher in demand, so the cost is higher. Yet those places will appreciate faster than a condo in a different location. You may have to settle for less square footage in expensive areas to get the condo within your price range. If you want more space, a different neighbourhood where the condos sell for less may be favourable.
Know The Amenities
Condo fees are based on several factors, including the different amenities the place offers. Take a look at that list to see what you will use. If you don’t plan to go to the gym or the swimming pool, paying for those amenities may seem wasteful. If you don’t have a parking area or storage available, those could be desirable amenities you won’t be thrilled to live without.
Learn About The Condo Maintenance
How is maintenance handled within the building? Are there complaints from other residents that things aren’t taken care of timely? Investigating details, including the company responsible for that maintenance, is a good idea. What is their reputation? Who do you contact if you have a problem or concern? Knowing this information before you buy a condo can help you avoid hassles.
New Condo Warranty
Newer condos often have a warranty on them. What is covered with that? Typically, it includes the structure and many items in each unit. This can include the appliances that came with the place. If you aren’t the original owner of the condo, is there any warranty left that can be transferred to you? What all is covered and how do you file a claim? When does that warranty expire? Such details can give you peace of mind and more value with the condo you buy.
Will You Be Happy Following The Bylaws?
Some condo buildings are far stricter than others with what they allow. Read the bylaws to ensure you will be happy following them. You don’t want disputes to arise or get fined for breaking those bylaws. When you sign the agreement, you state you will follow those bylaws. If you don’t, it can upset the balance of things for all residents in that condo structure.
Condo Second Thoughts?
You may think twice about buying a condo once you search for one. You may also have doubts after you make your first condo purchase. But don’t panic; this is human nature. New Manitoba condo laws also give you a 7-day cooling-off period after your purchase if you regret making the decision. The truth is, whether a condo or a house, you will question your decision. After all, it is often the biggest purchase of your life. However, some things people say about condos aren’t true and have been debunked. It would help if you also considered talking to others who bought a condo in Winnipeg. Get their feedback, both the good and the bad. You’ll learn about things they wish they knew before buying a condo.
Find An Excellent Realtor
An excellent realtor will help you through the first-time condo-buying process in the Winnipeg real estate market. They take on plenty of responsibility, including finding great options based on feedback about your interests. They will guide you, answer questions, and help you navigate the process from start to finish.
