Purchasing a condo involves multiple stages that unfold over several months, requiring patience and planning from buyers. The process timeline varies based on property type, market conditions, financing requirements, and location specifics. For instance, properties like those at River Modern Location may have different closing timeframes than older developments due to inspection requirements and association approval processes. Knowing what to expect can help you coordinate moving plans and avoid unnecessary stress, whether you’re a first-time homebuyer or seasoned investor.
Pre-search preparation phase
Before viewing any properties, expect to spend 2-4 weeks getting your finances in order. This preparation stage includes checking your credit score, determining your budget, saving for a down payment, and securing mortgage pre-approval. Pre-approval demonstrates to sellers that you’re serious and capable of completing the purchase, which proves especially valuable in competitive markets. Meeting with a lender during this phase lets you understand how much you can afford and what loan programs might benefit your situation. To expedite this process, gather necessary documentation, including income verification, tax returns, bank statements, and employment history. Taking time for proper financial preparation prevents disappointments later when you find your dream condo but lack the financial readiness to secure it.
House hunting adventure
The property search typically ranges from 1-3 months, though some buyers find their perfect match sooner, while others take longer. Factors affecting this timeline include:
- Market conditions – In seller’s markets, you’ll need to move quickly when properties become available
- Availability of units meeting your criteria – Specific requirements like location, amenities, or price range may extend your search
- Competition level – Popular buildings or neighbourhoods often face multiple offers, requiring quick decisions
- Season – Spring and summer generally offer more inventory than winter months
- Personal schedule – Your availability for viewings impacts how quickly you can evaluate options
During this phase, visiting open houses, conducting online research, and working with a real estate agent familiar with condo associations helps narrow your options efficiently.
Making offers and negotiations
Once you find your ideal condo, the offer and negotiation process typically takes 1-2 weeks. This includes preparing the initial offer, receiving the seller’s response, and potentially going through counteroffers. In hot markets, this stage might move much faster, sometimes completing within days or even hours. Your offer will include proposed terms like purchase price, financing details, inspection contingencies, and requested closing date. The seller may accept, reject, or counter your offer. This back-and-forth continues until both parties agree or decide to walk away. Having clear priorities helps navigate these negotiations effectively, knowing which points matter most and where you can compromise.
Final loan approval comes next, with underwriters verifying all financial information and property details before clearing your mortgage to close. The final week involves a closing disclosure review, final property walkthrough, and gathering funds needed for closing costs. On closing day, you’ll sign numerous documents, pay closing costs, and finally receive keys to your new home. This marks the end of the buying process and the beginning of your life as a condo owner.