5 Critical Mistakes to Avoid When Selling Your Vancouver Condo

Buying a Downtown Vancouver Condo for the first time is exhilarating. But it is very important to take your time to research as well as seek professional advice to avoid making mistakes. Due to the high cost of real estate in Vancouver, a Downtown Vancouver Condo is the best option for numerous first-time consumers.

The median price of a condo in some Canadian cities is around $500,000, and the median price of a condo in Vancouver is $640,000. Before you take the plunge, there are several things to keep in mind to avoid the mistakes that most first-time buyers make. The most common mistakes made by first-time Downtown Vancouver Condo buyers are:

1. Buying the Condo Immediately

Purchasing a condo immediately is one of the most common mistakes for first-time homebuyers. This often happens once these mostly young shoppers see their peers shopping and do the same for fear of missing out. This mistake can be very expensive and you need to be very careful. Before you buy that beautiful condo, make sure first your finances are in good shape. If your budget is not adequate, it is better to rent until it works out for you.

2. Research a Vancouver Apartment before Obtaining a Mortgage Pre-Approval

Before your mortgage is pre-approved, it’s not a good idea to go shopping for a Vancouver condo. The real estate market is now very dynamic. In addition, getting financing for a condo is comparatively difficult compared to let’s say a single-family home since most lenders and banks don’t finance condo buying. Due to this, condos are purchased using the money for this alone.

Also, you can obtain a private mortgage to buy a condo, but this can be very costly. Lenders will require a 20 percent down payment to purchase the condo. Purchasing a Downtown Vancouver Condo is recommended if you have cash at least for a down payment. Learn more!

3. Buyers Acceptance of First Mortgage Rate

As a first-time buyer, if you apply for a mortgage, banks will look at your income and expenses to fix what package you can generally afford. Also, they will examine your credit history to determine if it is reliable. They will use this data to fix how much you can pay. For first-time Downtown Vancouver Condos buyers, it is hard for lenders to agree to finance your purchase due to limited funds as well as lack of credit history.

4. Inflexibility Regarding Neighborhoods

When purchasing a Downtown Vancouver Condo, it is essential to consider the surrounding neighborhood. You want to choose a unit that is in a safe and accessible location that has all the required amenities. If possible, try to find an area that has a mall, grocery store, and park. The community must adapt to you, for instance – a young professional must not choose a unit where there are numerous retirees.

5. Buyers Don’t Have Ready Cash Deposit

It’s a bad idea to purchase a condominium if you don’t have at least a 20% down payment for purchasing a condo. It will put a huge financial burden on you, as well as you will be necessary to pay much more each month, and the rate of mortgage will be higher. It will be more costly for you finally, and instead, you’ll first save the down payment before you go shopping for a Downtown Vancouver Condo.

Buying a Downtown Vancouver Condo, like purchasing a home is an investment, you need to ensure you do your due diligence so you can get the right value for your cash. By keeping the above points in mind, you will be able to find a suitable Downtown Vancouver Condo that meets your requirements. Click here for more information: http://www.realtynotebid.com/3-secrets-vancouvers-realtors-wont-tell-you-when-selling/