Originally, Yaletown was the main terminus for the western portion of the Canadian Pacific Railway. Once the 1986 World’s Fair came to Vancouver, the neighborhood experienced a major redevelopment. Today, Yaletown is viewed as one of the most chic parts of the metro area, combining unique shopping and dining hotspots with beautiful waterfront parks throughout town.
As with many other revitalized neighbourhoods, Yaletown has become one of the most popular areas for people to relocate to. This guide will help you navigate the many Yaletown condos and explain how to get the best deal possible when moving to a burgeoning market.
When considering a new condo in a growing area such as Yaletown, it’s easy to jump on the first one you see and think that it’s perfect. However, the better plan is to shop around by looking at various websites and listings and see which one is the best fit. Doing this keeps the buyer from experiencing problems down the line.
Another aspect is having the money to buy the property in the first place. Before you consider buying, you should make copies of credit reports to ensure that you’re in a good enough financial position to buy. In addition, look at mortgage financing options that are available and compare to determine the right plan for you.
Finally, make sure an inspection is done to verify you are getting what you are paying for. Depending on how hot a market is, a seller can be less inclined to make repairs on a property, though they may be willing to make a reduction on the selling price if there are major defects.
Time To Offer
Now that you’ve found the condo of your dreams, it’s time to make an offer on the property. With popular selling markets, there may be several other people looking to buy the same condo you are. This makes getting an offer out quickly key. Some agents also include escalation clauses to offers, in which cash is paid up to a determined amount if the appraisal value of the home is less than the purchase price.
Look to set up an early closing date as well. Some sellers want to move their house as quickly as possible, so for buyers, it can be beneficial to review the standard closing date and look to include an earlier timeframe in their offer. Doing this can help the process move along, and in some cases a seller can be willing to take a slightly lower offer to increase timing.
The most important element of buying and selling in a market such as Yaletown is patience. In hot markets, buyers can often make up to 10 offers on a property before being chosen. By being patient throughout the process, it can keep you from overbidding on a house or bidding on a condo you don’t necessarily want.
Find Your Yaletown Condo
With Yaletown in a boom period in terms of housing, having a reliable real estate agent can help you find the condo you are looking for. Yaletown Condo Pro has helped area residents find the right property for them for over 12 years, and can help navigate you through the buying and selling process. Call us today for more information at 778-655-8478 or learn more by visiting our website.