The biggest mistakes condo buyers make
Are you interested in finding the best Burnaby condos? You are not alone. Burnaby is one of the most places that appeal to potential buyers due to its unique location, amazing facilities and amenities. But finding the perfect condo is not an easy task. In this article we will highlight the biggest mistakes condo buyers make and how to avoid them:
- The fear of missing out:
The real estate market in Vancouver is on the rise, with a lot of amazing options and a wide range of selection. Condo buyers usually panic and feel overwhelmed or pressured to rush into a decision before it is too late. This is what we call “The fear of missing out”. You shouldn’t feel pressured to buy a suite just because everyone is doing so, or to get tempted by something that you can’t afford on the long run. Many people end up paying everything they make to pay off the mortgage. Stick to your budget limit and don’t buy something that you don’t need.
- Not getting pre-approved:
Talk to your mortgage broker before looking for a condo. The market moves fast and the prices change quickly. Once you find a condo that you like, you will have to act fast. You don’t want to fall for something that you can’t afford. Have everything settled before you ago on the hunt.
- Getting deceived by the looks:
Some investors try to make a lot of money by buying an old building and renovating it using cheap material. Many times, buyers will fall for something that they wouldn’t normally consider just because it looks new and shiny. Make sure that all renovations are made using quality material and are done by qualified and trained workmen.
- Ignoring the importance of location:
Location is the most important factor to consider before buying a condo. If you are considering two units, always go for the one that has a better location. Do enough research before you make your decision. Make sure that you study the area and its potential. Visit the neighborhood at different times and go online to find information about the shops, the restaurants and the commuting time.
- Not having a representative:
This is a big mistake that many potential buyers make. When you are buying a condo you are usually dealing with the seller’s agent, not the seller himself. You should find yourself a trustworthy realtor to represent you and take care of your side.
Avoid these mistakes and you will end up with the best deals for the most suitable Burnaby condos.