5 Things You Should Know Before Buying a Condo


Looking for condos for sale is a little bit different then a regular home. However there are some things that are the same across the board whether you are looking for a single family home, luxury condos for sale or a regular apartment. Here are a few things that you should make sure are in order before you head out and sign on the dotted line.

Apply for a Loan
The first thing that you want to do is make sure that you qualify for the loan that you need. Once you know your budget, then you’ll be able to find out exactly what type of condo you are looking for. You need to start early if you want to look at luxury condos for sale because larger loans can take a lot longer to get approved. So, say you want to move in to your new condo by the end of the year, you should probably get the process started in the beginning of the year so you can get the approval and then take your time looking for the actual condo you want.

Hire a Real Estate Agent
Real estate agents are thought to be a thing of the past but the truth is, there is still a lot of use for them. Real estate agents have access to lists that are not available to the public. If you want to take a look at some condos for sale that are hot off the lot, so to speak, you’ll need a real estate agent. It’s easier to get sellers to accept bids if they don’t have a lot to compare them to. If you can get in early on a home that you want, then there is more probability of it getting accepted, especially if the seller is eager to get rid of the home. You’ll want to get your loan before hiring the real estate agent otherwise the agent may not know what kind of homes to be looking for.

Know What You Want
Think about what you have now and what you would like and not like to have compared to what you have. If you look around your current home then you will probably see things that you would change if you could. Even small things; counter tops, cupboards, storage space, number of bedrooms and bathroom, etc. There’s bound to be things that you would want to change if you could. This is your chance to be able to get what you really want from your home. Do a little research so that you can give your real estate agent clear parameters about what to look for.

Find Out About Associations
Homeowners associations can be a little bit of a hassle. There are various restrictions on things that you can and can’t do or have depending on the type of association. You’ll want to find out about those things before you get all settled and moved in. This is especially true if you are planning on doing some kind of renovations on the outside. When you buy a condo, you may only be buying the interior. You might not have any kind of responsibility over the exterior portion of the house which includes any porch, patio or outdoor covered area that is connected to your condo.

Know About Investors
It’s a good idea to know who you investor is. If you are going through a bank then obviously, they are your investor. However, there are situations when a lender and an investor are two different entities. Make sure that you are well read up and researched about these areas of buying a house. You’ll want to know what to do should you come across a situation of hardship or a month that you can not pay your mortgage for whatever reason. Private investors are often more difficult to get assistance with.

Buying a condo or a home is an exciting time. Do not let the details and the stress surrounding the situation overwhelm you. Don’t forget to really enjoy this time of your life and let your condo reflect your personality and charm. It could really be the best decision that you have ever made.

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