Regardless if you have purchased multiple properties before or this is your first time, buying a condo can seem like an intimidating task. It is an emotional process that includes a lot of difficult decisions, especially ones that involve money. These are a few tips to help smooth out the buying process so that you do not spend more than you should.
Needs vs. Desires
Before you go condo hunting, draw up a list of things your family truly needs and amenities you want, but can potentially live without. We would all love to live in a penthouse, but that is not always practical or even possible for everyone. Further organize your lists by what is more a priority than others. There are condos on the market that maximize your needs without going overboard.
Pre-Approved Mortgage
Getting pre-approved for a loan before you look at a property indicates you are serious about the purchase. Be sure to get everything in writing because a verbal pre-approval can be denied at any time.
Be Clear With Your Realtor
Perusing property after property can be exhausting, especially if you are looking at ones that do not meet the criteria you have decided on beforehand. Let your realtor know exactly what you are looking for to reduce the amount of time you spend searching for the perfect place to call home.
Location
Where you choose to buy your condo is not only good for the now when you live there, but also when you decide to move. For example, if you are looking at large condos in Brooklyn, be sure to research their previous resale values to determine if they are a reflection of market fluctuations or something deeper about the property itself. What is the neighborhood like? Is it close to a noisy airport or located near local parks?
Pay attention to any red flags that crop up during your search. Chances are your gut feelings are right. Some fixer uppers are not worth the effort. If you find a property you love, don’t outwardly let the sellers see that or they might take advantage of the situation. Above all, do not feel pressured to buy a condo you genuinely do not love. Make sure it has everything you need, a few desires you can afford, and in a location that works for you now and for later when you want to sell it and purchase away!
