1.

First and most important step. Decide that you want to buy and when you want to buy it.

2.

Get pre-qualified for a mortgage. Knowing how much you qualify for and the amount you are comfortable borrowing, (and paying for..), will give you a range of options in the condo market. Click Here for MORTGAGE APPLICATION

3.

Know the market your in. The fact you are here means you’re well on your way. You’re spending the time to get educated. Getting an education is costly, as you well know. Not getting an education can be even more costly. Hiring us will cost you nothing because we are paid by the seller.

4.

When you hire a condo specialist, you are the beneficiary of our market knowledge, and skilled negotiations, who is going to be leading you every step of the way. Since you’ve found our website you don’t need to look any further.

5.

What’s your condo going to cost you? Whether you are buying an existing condo or a condo in a new project, you need know how much you are going to pay.

Let’s consider the costs involved in a typical transaction in downtown Victoria, in British Columbia.

You are purchasing a 1 bedroom and 1 bathroom unit in a new condominium project for $550,000 and are taking possession on November 1, 2006. (A Wednesday.)

You may pay on closing:

1. Application fee/ appraisal fee
2. Property transfer tax (to the Government on closing)
3. Legal Fees
4. Prepaid property tax (debit or credit) adjustment
5. Monthly strata fee (debit or credit) adjustment
6. High ratio mortgage insurance premium (added to mortgage)
7. Parking stall lease payment (if not sold with unit)

You may have all the closing costs above except for #5. (Only payable on existing condos.)

Condo fees are always due on the first of every month. (November 1, 2006.)

Your first mortgage payment is due one month after your transaction closes. (December 1,2006)

Property taxes can be paid for you or by your bank on a monthly basis.

When you buy a new condo from floor plans in the model suite, your first closing is when you occupy the suite. You do not own the unit yet and you are known as the occupant. You will pay the Developer an occupancy fee until the building is registered with the Municipality in which it is built. (Victoria; Esquimalt; Vic West; etc.). Your occupancy period could range from 3 to 6 months.

6.

The real estate market in Victoria and rest of Canada has been very strong but is currently switching from a Seller’s market to a Buyer’s market in residential real estate but the condo market continues to flourish.

Should you buy the first condo that you see? Well, if you buy from a model suite, you will have to trust the advice of your agent and your instincts. Making a decision to buy without the guidance of a knowledgeable and trustworthy real estate agent could be costly.

When to jump in? After doing your homework, (I was a teacher in an earlier life), mortgage pre-approval in hand, it is best to take a deep breath and jump! You will find that the water is a lot warmer once you are in and when you come up for air you will be surrounded by a lot of people just like you. Time and again it has been shown that indecision usually costs a buyer more than making an educated decision.

7.

What to offer? Well, it depends. Perhaps not the words you want to hear but there is no right answer. If you are making an offer on the new condo, (in the example above), then you are most likely going to be paying what the developer is asking in the current market conditions of brisk sales. If it is a resale condo, then you would be provided with all the comparable past sales, allowing you to form an opinion of value. Together with your agent you can make an informed, strategic offer. If there are no other competing offers the field is wide open. If there is more than one offer you may be forced to pay a premium if you really want it. In this situation, an experienced and knowledgeable Realtor, is the difference between winning and losing, the property you want.

8.

You have made the offer – and it has been accepted – Congratulations!

9.

Buyers Remorse. The polite term for Cold feet. You are tossing and turning. You can’t go to sleep. Relax. It’s normal. Carry on. Go back and re-read number 4 and relax.

10.

Firmness and resolve. Go forward with the courage of your convictions, visualizing yourself in your new home, celebrating a birthday or anniversary, with family and friends and being congratulated on buying your new home.