Becoming a homeowner is one of the great goals that all of us hope to achieve in our lifetime. Having a roof over your head whose owner is you is a magnificent experience. The very moment when you buy your new home, all the agonies of having a bad landlord go away. From that day on, you are the only person that you need to ask for permission to do anything in the place where you live. However, it is important to be well informed before you make the purchase of your new home. Failing to do so can result in making what can turn into the biggest mistake in your life. After all, although there are people who move very often, you should make the move a one-time thing. Therefore, we bring you10 tips for buying your first condo.
What You Need To Pay Attention To When Buying Your First Condo
Before we go any further, we need to take a general look at what you need to pay attention to when buying your first condo. Later on, we are going to elaborate on each of the following bullets:
- Is it the right time for buying your first condo?
- Is a condo really the right fit for you?
- Where do you wish to move?
- How big a condo are you going to need?
- Get familiar with the neighborhood
- Have you secured financing for it?
- Hire a reliable real estate agency
- Find out more about the maintenance and management company
- Get to know the association rules
- Get informed on the association fees
1. Is Now The Right Time For Buying Your First Condo?
One of the common mistakes that people make is to choose to buy a condo at the wrong time. However, defining the right and wrong time is far more difficult than you might think.
In essence, it all comes down to your personal preferences. What we can tell you right away is that you should make sure you’re buying your first condo under no time pressure. Take the time to see what’s being offered. Then, take the time to choose the right one. If some of the ones that you like get sold while you are contemplating what to do, so be it.
2. Is Buying Your First Condo The Right Choice For You?
Another aspect that you need to take into account is the type of home that you are looking to invest in. Is buying your first condo the best move that you can make at the moment? You should make sure to be particularly careful if you are planning on relocating to far away from your home town. In this and many other cases, renting rather than buying could be your best option.
3. Where Would You Like To Move?
If you are certain that buying your first condo is the right move to make, you will need to make sure that you buy it in the city and the part of the city you would actually like to live in. Do not go about buying a condo just for the sake of buying ASAP no matter what a real estate agency suggests to you. Tread lightly and make your decisions smartly.
4. How Big Of A Condo Are You Going To Need?
There are often disparities between the size of the condo that we are looking to buy and the one we can afford. Make a smart decision and buy a condo that is going to meet your current needs, if you’re still young and not married. Married couples should make sure to buy places where they can see their future kids growing up.
5. Know The Neighborhood Before Making The Purchase
If you happen to come by a condo that you like, make sure to get familiar with the neighborhood. You will be living there, so make sure that it fits you fine.
6. Do You Have Your Finances Sorted Out?
It’s very important to know how much money you can afford to spend on a condominium. Therefore, no matter whether you are paying in cash or you are going to get a loan, make sure to take into account that buying furniture, electrical appliances, etc. costs quite a lot as well.
7. Hire A Reliable Real Estate Agency
Making sure that you are doing business with a reliable real estate agency is very important. There are many types of scams that can take place when buying your first condominium. So, hiring a reliable real estate agency with a good reputation can be some sort of a safety net.
8. Maintenance And Management
Every building needs maintenance. However, there are very few of those that do the job themselves. Usually, there is a building management company that takes care of the maintenance and management. Before you decide on buying your first condo in a particular edifice, find out as much as you can about the management company. Its reputation will not only provide you with information on the company itself, but also on the community that is living in your potential new building.
9. Be Mindful Of Association Rules
The homeowner’s association can decide to write a set of rules that everyone in the building should follow. Before you move in, find out whether such rules exist in the building which you are going to move into and what they are. Then, make a decision whether to buy your first condo there or not.
10. Get Familiar With The Association Fees
In most buildings with condos, there are association fees that are paid on a monthly, quarterly or yearly basis. The fees can differ depending on the state, city, neighborhood and the building itself. Therefore, find out how much you would have to pay should you decide to buy an apartment there and move in.