Whether it’s a first home or a vacation home, purchasing a property is one of the biggest decisions...

Written by Bermudiana Beach Resort
Buying a vacation condo for the first time is exciting. There’s nothing better than being able to retreat to your perfectly located condo after a long day relaxing on the beach.
However, we know it can be overwhelming for first-time condo buyers. That’s why we have collated all of our best tips on how to buy a condo for the first time.
If this is your first time purchasing a condo, you might not be aware of all the terminology. However, if you’re well-versed in real estate, you can simply skip to the next section.
HOA means Homeowners’ Associations and you’ll encounter this type of structure when purchasing a condo.
Bylaws are the rules and regulations that govern a condominium community.
Common elements or common property are the parts of the condo that are not owned by a condo purchaser as part of their individual condo.
On-site management refers to property management functions that are performed on the premises such as ongoing repairs and gardening.
The reserve fund is money saved to pay for long-term repair or replacement of the capital elements of a condominium’s common property.
A disclosure statement will give you some indication of the rules, regulations and financial situation of the condo before you buy.
A board of directors is present at each condominium and is generally made up representatives appointed by the owners, that can rotate annually to share responsibility. The developer will be represented by directors of the hotel management company who will serve in a consultative capacity.
Before you rush into purchasing a condo, you need to find the right one for you and your family. We know you’re not just buying a condo for the view, but the lifestyle too. So, here's how to find the one you can call your second home.
Buying a condominium offers advantages – affordability and less maintenance. But buying a condo is not the same as the purchase of a freestanding home. Here are some actionable tips for making your offer.
Even if two condos appear on the market at the same time that you like, don’t make offers for both to see which one you’d be accepted for. You don’t want to be accepted for both properties, so only make one offer at a time.
Write your very best offer first. You might get only one chance to make an impression on the seller. If the seller has received multiple offers, the low offers most often are not even considered. The seller will likely be looking for list price or above.
If a condo has been on the market for less than a week, the seller will usually be looking for the listing price. So, it's best practice to make an offer that's at least the listing price. If a condo has been sitting on the market for a while and it’s still empty, they may be willing to negotiate. In this case, you could get away with making a lower offer.
You’ve found your dream vacation condo, with a spectacular view, organized HOA and beautiful interior. Now all that’s left to do is close.
These are just some helpful tips to keep in mind, we have a more detailed step-by-step guide here. You can also benefit from visualizing the entire condo buying timeline.
Purchasing a condo isn’t always easy and it can feel like a lengthy process. To help you see the full condo buying journey, we’ve created a useful timeline. From making an offer to settling into your vacation home, we’ve mapped it all out.
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