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Dream Destination, Choosing Your Island Home

An 8 Step Guide to the Condo Buying Process

46 minute read

You've decided that buying a vacation condominium in Bermuda is for you, but the process of buying a condo can be overwhelming. Many steps are involved when buying a condo in Bermuda, so we want to make the process as seamless as possible for you.


We've put together this straightforward guide covering all the steps to buying a condo.

 

  1. Get Your Finances in Order
  2. Work With an Experienced Agent or On-Site Sales Person
  3. Be Sure to Book a Buyer Consultation
  4. Go Out and View the Condos
  5. The Final Checks Before You Go Ahead and Buy
  6. Discuss the HomeOwners' Association with the Seller
  7. Take Time to Review the Condo Document
  8. Closing Your Condo Deal Means Champagne

 

1. Get Your Finances in Order 

If you want to enjoy shared amenities without breaking the bank, buying a condo in Bermuda is the answer. It's a great way to access all the perks without having to spend a ton of cash.

From sparkling swimming pools and state-of-the-art fitness centers to beautifully landscaped gardens and communal BBQ areas, you'll have access to everything you need. You can even invite friends and family over to enjoy the perks, making memories that will last a lifetime.

 

 

First, you must talk with your preferred mortgage lender to arrange your mortgage. Knowing what you can afford is essential before talking to a lender and viewing any condos for sale.

Condos are especially popular in desirable places with high property value, like vacation hotspots. If you fall in love with a vacation condo in a place like Bermuda and don't have your finances ready, you're likely to fall behind other buyers.

 

2. Work With an Experienced Agent or On-Site Sales Agent

When buying a condo in Bermuda, it's important to understand the roles involved in the process. Generally, real estate agents and developer teams represent those selling the property.

All parties involved in the transaction have a duty of care to be transparent with each other. Sellers should provide potential buyers with all the relevant information to make informed decisions about the property.

Real estate agents and on-site developer teams are invaluable resources for buyers, as they have a wealth of knowledge about the properties they represent. They can answer questions about the property, provide information about the homeowners’ association and help buyers navigate how to buy a condo in Bermuda.

While the process of buying a condo can be complex, with the proper support and guidance, anyone can make their dream of buying a condo in Bermuda a reality.

 

3. Be Sure to Book a Buyer Consultation

If you're considering buying a condo in Bermuda, you might already have a specific vision. It's always a good idea to sit down with an agent or seller and discuss what you want in a property.

By defining your needs and preferences, you can make your search more efficient and effective. For example, you may prioritize having a balcony or a specific number of bedrooms.

 

Beautiful Vacation Condominiums for Sale in Bermuda

View all condos >
Astwood Allamanda
Astwood Allamanda
$825,000
2 LEFT
3 Bed 3 Bath Sleeps 8 Level 1
This beautiful property is the largest condo type available in the resort. With a large, fully furnished outdoor space and occupancy for eight guests, it's perfect if you want plenty of room to relax.

View all condos >
View Property >
Astwood Periwinkle
Astwood Periwinkle
$412,500
4 LEFT
Studio 1 Bath Sleeps 4 Level 1
This modern studio-condo is the ideal base to make the most of island and resort life. At the end of the day, come back to a stylish place to relax and go again the next day.

View all condos >
View Property >
Astwood Buttonwood
Astwood Buttonwood
$614,000
8 LEFT
2 Bed 2 Bath Sleeps 6 Level 2
With sunrise and sunset views, this first-floor, end property is the ideal setting for entertaining friends.

View all condos >
View Property >
Astwood Coralita
Astwood Coralita
$459,000
1 LEFT
1 Bed 1 Bath Sleeps 4 Level 1
This property is perfect for those who want a place to escape. Located on the first floor and with private outdoor space, it’s the perfect island escape.

View all condos >
View Property >
Grosvenor Allamanda
Grosvenor Allamanda
$1,136,000
2 LEFT
3 Bed 3 Bath Sleeps 8 Level 1
This beautiful property is the largest condo type available in the resort. With a large, fully furnished outdoor space and occupancy for eight guests, it's perfect if you want plenty of room to relax.

View all condos >
View Property >
Grosvenor Periwinkle
Grosvenor Periwinkle
$568,000
1 LEFT
Studio 1 Bath Sleeps 4 Level 1
This modern studio-condo is the ideal base to make the most of island and resort life. At the end of the day, come back to a stylish place to relax and go again the next day.

View all condos >
View Property >

 

During the buyer consultation meeting, you should look closely at the annual fees associated with condo ownership. In most condo communities, residents must pay a regular fee to cover common expenses such as insurance and maintenance. These fees are known as Homeowner's Association (HOA) fees.

With a clear understanding of your priorities and the financial aspects of condo ownership, you'll be well-equipped to make a decision that meets your needs and budget.

 

4. Go Out and View the Condos

Visiting the condo in person is one of the most critical steps in the condo-buying process. It allows you to experience the location and surroundings firsthand and see if it's right for you. If you're purchasing a condo from overseas, your agent can send you photos and video to give you an idea of what it's like before you fly.

While the cost of a condo is an important factor to consider, it's not the only one. Vacation condos also provide attractive lifestyle choices for many buyers. They're especially popular for those who want to socialize or those with families who want to take advantage of the facilities often featured on condo sites. Condo living can also ease some of the chores of owning a single family home, as maintenance is often carried out by a management company while you're away.

One of the main benefits of buying a condo in Bermuda is access to shared amenities. Condos may have desirable shared facilities like pools, tennis courts and beaches, providing better facilities and lower running costs than a single family home. By visiting the condo, you can get a feel for the available amenities and decide whether they're right for you and your family and friends.

 

5. The Final Checks Before You Go Ahead and Buy

When buying a condo in Bermuda, it's not just the sales contract that you need to consider. There's also an agreement or declaration that governs how the condo complex operates. It's important to request and read these documents before purchasing.

To make an offer on a condo, it's best to work with your agent to find a competitive price you're willing to pay. There are a few tips to remember when making an offer. 

  • Only commit to buying one property at a time — Even if multiple condos are available, it's best to focus on one at a time.
  • Disclose if you can pay with all cash — If you can pay for the condo without a loan or mortgage, mention this in your offer. A transaction that doesn't depend on loan approval is more attractive to the seller.
  • Offer to close as soon as possible — Many sellers prefer to complete within 30 days, so offering a 21-day closing may give you a competitive edge.

condo buying timeline

 

6. Discuss the Homeowners' Association with the Seller

One of the benefits of owning a condominium is that you're only responsible for maintaining what's 'inside the walls.' Big-ticket items like the roof, grounds and pool maintenance are taken care of by the Homeowners' Association (HOA).

When purchasing a condo within a residential community, you'll need to become a member of the HOA and contribute to its upkeep. It's crucial to find out what rules the HOA enforces, what projects are planned, and how much the HOA charges. Use this information to decide whether a property fits within your budget.

It's also important to note that the HOA may have rules and regulations that govern what you can and can't do with your individual unit. For example, the HOA may restrict the color you can paint your front door or limit the number of pets you can have. Review these rules before buying a condo in Bermuda to ensure you're comfortable with the restrictions.

 

7. Take Time to Review the Condo Document

Reviewing the condo documents is essential when considering buying a condo in Bermuda. These documents contain crucial information about the financial health of the building, including details about the reserve funds and operating budget. They're usually only available once a contract is in place.

The condo documents outline the rules and regulations for the community, which can vary from one community to another. For example, the documents may specify the pet policy or whether short-term rentals are allowed. In most cases, short-term rentals are prohibited.

It's also important to pay close attention to the appraisal contingency. This clause specifies that once the property is appraised at or near your offer price, you can confidently proceed with the purchase.

 

8. Closing Your Condo Deal Means Champagne

You'll want to make sure that you've checked the closing statement and that you're aware of the final numbers. This way, you won't be surprised by any unexpected charges or fees when signing the paperwork.

Don't worry, the actual closing process only takes a few hours. You'll sign all the necessary documents and make the final payment.

When everything is all done, it's time to celebrate! You can pop open some champagne and make a toast to your new home and all the exciting things to come.

Hassle-Free Condo Buying: Download the Bermudiana Condo Buying Timeline

Don't worry if you're confused or unsure about the condo-buying process; you're not alone. We've put together a comprehensive condo-buying timeline to guide you every step of the way. 

Fill out the form on the right and we'll deliver it to your inbox. 

condo-buying-form