Getting Started with Buying a Condo

This post will cover some of the basics about buying a condo.

The first step in the condo buying process is to get familiar with some key concepts.

Who should not buy a condo, closing costs, condo docs, and understanding condo fees are just a few of the topics covered.

Below are a few resources to get you started.

Buy or Rent? 

Buying is not for everyone and for some, it is better to rent. In the long run, buying is almost always the better option. Here are a few things to consider.

Buy or Rent Calculator

There are many buy vs rent calculators to help you with the numbers. This calculator even takes into account taxes and return on investment.

Comparison

Here is a simple comparison of what it would like if you bought a $500K condo or rented an equivalent.

Frequently Asked Questions

Here are some of the common questions that condo buyers have.
1How long does it take to buy a condo?
The entire process can take from 10 days for a cash buyer to a year or more for someone with a specific need. For most buyers, it can take several months to zero in on the right property. Once under contract on a property, it typically takes 30-45 days from contract to closing.
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7 Reasons a Buyer's Agent is Essential

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Buying is not for everyone and for some, it is better to rent. In the long run, buying is almost always the better option. Here are a few things to consider.

Condo Buying Process Overview

  • Get Started

    If you are reading this, you have already started the first step. Get an overview of the process, start thinking about your needs and wants, determine whether it is better to rent or buy, and review some basic FAQs.
  • Money Matters

    An important next step is to get your finances in order. What can you afford and what can you qualify for are two important questions to get answered.
  • Condo Search

    OK, now that you have some of the basic knowledge about buying a condo and have a grip on your finances, it is now time to start your search.
  • Condo Fees and Condo Docs

    If you are buying a condo, you can't get away from condo fees, but what do they cover? When you get a condo under contract, there is a condo doc review period. What is in the condo documents?
  • Offers and Contracts

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  • Inspections & Appraisals

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  • Settlement

    Settlement, or closing, is the official process of transferring ownership of a property. Settlement day is when you receive the keys to your condo and become an owner.
  • Moving & Post Settlement

    You have the keys to your new condo. Now what?