The Way to Purchase Your First Condo
If you are interested in owning your own house, but maintaining a lawn is not a part of your dream, a condominium may be the perfect house for you. Condo construction continues to be on the growth in the past decade, providing potential buyers with a broad selection of alternatives from basic to high-end alternatives and locations. To make the best buying decision, you should take several things into account before entering into a contract to buy.
Calculate the payment you are able to afford. Take note that the monthly payment includes condominium association fees in addition to mortgage principal, interest, insurance and real estate tax.
Make a listing of condominium complexes in the region where you want to live. Newer complexes usually have a revenue office with an on-site salesperson. Mature condos are usually available by owner, and frequently are recorded with a real estate agent.
Contact the sales office for every complex or use a real estate agent to obtain the institution fees and a sales price range for the condos. Eliminate complexes.
Visit the complexes on your listing and see the models that are available. Pay specific attention to the upkeep of the property. A well-maintained property usually means that the occupants are happy and paying for the association dues. A poorly maintained property frequently means the residents are delinquent on association dues, or the management company is substandard.
Request the property salesperson or real estate agent just how many of the condos at the complex are leased units. Renters often take less pride in the property, and a complicated with many rental units will frequently drive down the market price of units.
Assess the institution fees in regard to the benefits and amenities provided, and compare the institution fees to additional complexes. Dues that pay exterior maintenance and property insurance shouldn’t be out of line with the cost you’d expect to cover home ownership. If institution fees are several hundred dollars a month or more, you should expect to gain amenities such as covered parking or valet service, a swimming pool, sports courts and an on-site workout facility. High prices that cover just the basics of condominium ownership may be inflated to cover poor management.
Request from the real estate agent or complex salesperson a two- or three-hour trip inside each of the rest of the condos on your listing, if the device is vacant. Try to schedule your trip for hours of the day when your neighbors are most likely to be dwelling, such as day and night hours. A trip at that time gives you a chance to rate the noise level you may experience living in the unit.
Make your selection and negotiate a selling price with the real estate agent or complex salesperson. If you are getting a new unit, ask the complex salesperson for incentives, such as free covered parking.
Contact your mortgage lender to start the mortgage process once the seller has accepted your offer.