You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a condo. The process of buying a new condo can be incredibly exciting, yet stressful, all at once. Where do you start?

• Searching for condos without getting pre-approved by a lender: Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of condos you can comfortably afford. Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier.

• Allowing "first impressions" to overly influence your decision: The first impression of a condo has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a condo as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these condos may actually suit your needs and offer you a structurally sound base with which to work. Likewise, don’t jump at a condo simply because the walls are painted your favourite colour!

• Failing to have the condo inspected before you buy: Buying a condo is a major financial decision that is often made after having spent very little time on the property itself. A condo inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. Your Realtor can suggest reputable condo inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.

• Not knowing and understanding your rights and obligations as listed in the Offer to Purchase: Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs. These problems may even lead to a void contract. So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer. With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations.

• Making an offer based on the asking price, not the market value: Ask your Realtor for a current Comparative Market Analysis. This will provide you with the information necessary to gauge the market value of a condo, and will help you avoid over-paying. What have other similar condos sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the condo you’re looking at under-priced, over-priced, or fair value? The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.

• Failing to familiarize yourself with the neighborhood before buying: Check out the neighborhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new condo, so ensure you’re well-acquainted with the surrounding area before purchasing.

• Not reading the strata (building) minutes: When you make an offer to buy a condo in Vancouver, we always ask to read the minutes of the last two years, this will give you an idea of how the building is doing, or if a potential assessment is coming, it is very important to read them.   

• Not looking for condo insurance until you are about to move: If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you. Make sure you give yourself enough time to shop around in order to get the best deal.