604-725-1000 Value of properties sold as of May 21, 2024: $1.4 Billion +

5 Tips for Buying a Condo in Richmond

If you’re in the market for a condo in the lower mainland’s Richmond area, there are five tips to consider before you start looking:

Find the Right Realtor®

Obtaining the assistance of a professional Realtor® will help you navigate the potentially complicated waters of Richmond condo ownership and since the seller pays the commission, it won’t cost you anything. As a homebuyer, you have the advantage of choosing a discount Realtor® that offers additional services. One Flat Fee, for instance, provides a cash back service that provides the homebuyer with either 25% or 50% of the commission. Why NOT use the service that gives you cash back upon possession? Avoid paying a higher price due to traditional real estate commissions and find yourself the best deal.

Spend Time in the Neighbourhood

Richmond is home to a large variety of communities, including Tucks, Bridgeport, Burkeville, Thompson, Minoru Park, Brighouse, Broadmoor, Southarm, Hamilton, Steveston, Seafair, Crestwood, Golden Village, Sea Island, Iona Island, and Fin Slough. It’s best to spend time in each neighbourhood and different times of the day and evening to make sure you really have a feel for how you like the area. You may also want to visit the local establishments, do a bit of shopping, and check out the restaurants and entertainment options in your preferred area.

Purchase the Best You Can Afford

Because studios and one-bedroom suites are more difficult for resale, you will do better if you find a 2-bedroom condo. Other things to consider are the location (ensure your suite isn’t looking over the garbage bins), the visitor parking, the condition and aroma of the lobby, accessibility, proximity to laundry and elevators, view, parking, and any additional perks included within the strata fee, like building maintenance, a shared rooftop patio, or concierge.

Check Out the New Developments

With the rate of new buildings going up in the lower mainland area, it’s best to keep up-to-date with exactly what’s out there! Richmond, for instance, is home to developments like the Poloma, Mandalay, Cannan Place, Harmony, River Park Place, The Gardens, St. Albans, The Gilbert, Emerald, Saffron, Monet Condos, Nova, Condos, Carrera, Artisan Townhomes, Bravo Condos, Ora, Camber, Cadence Condos, CCM Tower, Quintet Grand Estates, River Green, Riva, Concord Gardens, Whiteside Gardens Townhomes, South Arm Gardens, Broadmoor Gardens, Harrington Court, Cavatina, The Pier at London Landing, and Southpoint Cove.

Seek Financial Qualification

The last thing you want to do is expose yourself to properties that are way over or way under your range. Visit your bank, credit union, mortgage broker, or alternative lender and get pre-approved for your financing, saving you time in the long-run with a more efficient and targeted search. When you crunch the numbers with your financer, you’ll also want to take into account any funding needed for closing costs, moving, land transfer tax, and lawyers’ fees.