Are you planning to take the plunge and buy your first condo? It’s an exciting move, but there are a few things you should know before you jump into the process. By taking the right steps, you can help ensure that your purchase is both smooth and successful.

To make sure you’re prepared for your next purchase, take a moment to review our condo buying checklist…

Find a skilled local agent

The first step towards any successful home purchase is finding a qualified local real estate agent. When you’re buying a condo, that means someone who has experience matching buyers with just the right unit. During interviews with prospective agents, make sure you ask about their experience. The professional you choose should know the local condo market and the process of buying a unit inside out.

Do the math

Understanding your financial situation and knowing what you can afford is key. The first step is obtaining pre-approval. During this process, a lender will look at your financial situation to determine how much financing you’re likely to receive. Of course, there are other factors to consider—like how much of your monthly income is spoken for in terms of groceries and other expenses. Make sure you do a thorough accounting so that your condo-buying budget is as accurate as possible.

Know what you want

It may seem obvious, but not every condo buyer has a criterion in place when they start your search. The truth is, having a list of “must-haves” versus “nice to haves” can make the process far more efficient. Is there a minimum amount of square footage that you’ll need to be comfortable? Would a lack of storage space be a dealbreaker? Do you see a large part of the appeal of condo living as having a pool or exercise room at your fingertips? It’s all worth considering.

Keep an open mind

While it’s important to know what you want, a bit of flexibility can be helpful. It can be a challenge to find a unit that checks every single one of your boxes—especially if you’re on a budget. Fortunately, an experienced agent can help you zero in on options that will meet your needs. For example, you may have a neighbourhood in mind that’s slightly out of your price range. In addition to keeping an eye on the area in case something affordable opens up, a local professional can suggest other nearby communities that feature the things you like about your top choice.

Ask the right questions

Buying a condo isn’t exactly intuitive. From maintenance fees to building bylaws to knowing whether a building is well managed, there’s no shortage of confusing aspects to the buying process. This is where a condo expert can help ensure that you don’t make any unintentional missteps. They’ll know to ask about things like soundproofing—and whether Fido is welcome. They can also make sure you see the full financial picture (for example, if a building faces a lawsuit, you could wind up paying more than you think).

Know that you may not need an inspection

It seems like a no-brainer—if you buy property, you need an inspection. While this is typically true of houses, it’s not always the case with condos. Condo inspections don’t cover common areas or major building systems—because they’re taken care of by maintenance fees. So in a hot market, you may want to forgo this step. The exception would be if your unit will have its own heating and cooling unit, which should be inspected. If you opt out of an inspection, your best bet is adding a condition to your agreement that makes your purchase contingent upon a successful review of your status certificate. What’s that you say?

Have your status certificate reviewed

Every unit comes with a status certificate, which is a document that provides crucial information about your building’s financial position, management, and more. Essentially, it tells you everything you need to know about the condo your buying. As part of your due diligence, you’ll want to have it carefully reviewed by a good lawyer. Taking this step will allow you to make a truly informed purchase—and start off life in your new condo the right way!

Ready to purchase your first condo? We can help. Search our condo guides to find the ideal place—or get in touch to learn what we’ll do to ensure your buying success.