Victoria Condos: How Can Buyers Prepare?

(February 22, 2017 )

The current market for Victoria condos is a frustrating one, for both the seasoned buyers and agents alike. Buyers are suffering from a lack of inventory, and when they do find a property they love, several other buyers are interested, too.So, how do you even start as a new buyer in this crazy scene?Focus on three things:
  1. Start your research
  2. Prepare yourself
  3. Work with a Condo Expert

Start Researching Your Dream Condo

You’re likely familiar with the areas in Victoria that you would like to call home. So, take a drive or a walk and get used to these neighbourhoods and the buildings within them. Do you have a favourite? Make note of the addresses.

You know what your life needs, so start making your wish list, too. Two beds? One bed? Studio? Do you absolutely have to have two bathrooms? How about stainless appliances? A newer unit? Do you want to be able to rent it down the line, or bring a new puppy or kitten home? You might think these are silly questions, but not every building’s bylaws allow pets or rentals, or barbecues, or even people under the age of 55.

Prepare Yourself for the Victoria Condos Market

Things move fast here. Like, in the blink of an eye fast. Victoria condos can receive offers in the time it takes for your Realtor to call you to arrange a showing. So, this means you have to move just as fast. You have to be able to make a split-second decision and feel great about it.

Set up an appointment to talk to your mortgage broker early. It’s in your best interest to know exactly what your budget is so you know what your own personal limit is when purchasing a home. Your broker will likely tell you that you are pre-approved up to a certain amount, but sit with those payment details for awhile. Are you sure you can truly afford mortgage payments that high? What about taxes, utilities, maintenance costs, those coffees you love, the dinners out, that trip to Paris? Many buyers end up house-poor because they max their pre-approved limit without taking into account the other bills and enjoyments.

In this market, we would suggest, too, that you have a contingency plan. Let’s say you love a condo for $250K, but it’s about to head into multiple offers: can you afford to go up to $255K? $260K? $275K? Know your ceiling and work within it. It will save you heartache and frustration down the line.

Work with a Condo Expert

The Condo Group team has sold over 2,000 condos, so we know this niche market in Victoria and want to help you find your dream condo. Strata properties are more intricate than a single-family home and they require additional due diligence. We know what documents your lender will need and how to interpret the documents provided in order to give you a clean, concise overview of the building as whole.

We’re well-versed in multiple offer situations and are familiar with the prices and values of Victoria condos, giving you the advantage of knowledge and expertise. Let us be your best weapon in this unusual market.

Are you ready to take the plunge? Get in touch! You can reach us at 250-382-6636 or at info@thecondogroup.com.

Until next week.

- Kaley Walls