Buying a condominium is not a walk in the park. It’s important to do your research so that you avoid spending your money on the wrong house. You should also keep in mind that condos come in various styles and designs, and thus, you should have an idea of what you want as you get into the market. If you don’t know the first thing about finding the right condominium, here is a quick guide.
This is the first factor that you should deal with when you decide to get a condo. How much are you willing to spend without breaking your bank?
Are you willing to spend extra bucks for additional features? Factor the Homeowners association fees within your budget since it will also form part of your expenses.
The Right Fit
Once you already know how much you can spend on a house, ask yourself whether a condo is a right fit for you. This is because there are other houses which you can opt for, such as townhouses. Can you see yourself living in such a close proximity to other people and even sharing amenities such as swimming pools?
You should also keep in mind that the maintenance and overall management of the property are under the Homeowners Association. If you’re not used to someone else running the show, then this may not be the right fit for you.
Finding a Good Real Estate Agent
Truth is, you will not be able to find the right condo on your own. You need to hire a competent real estate agent, who understands your needs and what you are looking for. The agent should also have prior experience selling condos, since selling townhouses, land or other kinds of property is quite different.
There are contingencies in the purchase and sale contracts of a condo which are quite specific, hence you need someone who understands the rules and regulations. For instance, you may be required to sign a contract with the community, in addition to a sales agreement.
You may have a budget all mapped out, but do you have the actual funds to purchase a condo? If you don’t have enough cash, you may think of obtaining financing from lending institutions. However, regulations of lenders and programs restrict condo financing, and most people opt for cash purchases. You still have the choice of applying for a federal house administration loan or a private mortgage. Research and see what suits you best.…