Most people who look forward into owning condos may fall into real problems in future if they don’t know what to expect. A lot of people have confessed to being tricked into buying a condo smaller than they anticipated or even waiting for long before getting the keys to the condo they’ve bought. It is not easy to get a good deal when buying a condo, but you need to get your act together and do some research.
Being patient is a virtue which can land you in a deal of a life time. Ideally, if you rush into making decisions without making important considerations, you may end up being wrong. It is very important to take note of everything before buying a condo. This article will help you understand common condo buying pitfalls and how to avoid them. Therefore, it will help you know how you can make the right choice to get the best deal to be satisfied.
Let‘s get started.
Join a club
If you want to buy a condo, you need to have enough money to do it. It is not easy to raise such kind of money especially with the basic needs we have. Therefore, it is advisable to join a club to shape up your finances. These clubs help you to curb spending, boosts the amount of money you get and lowers your tax making you maximize your income. If you do this for a period, you will probably have saved enough to enable you to buy a condo.
Make sure you are comfortable with condo lifestyle
Before making the decision to save towards buying a condo, think about what you want to see whether you suit in such lifestyle. Some people love living separate lives without much interaction with other people while others love sharing facilities and amenities too.
In a condo, there are set rules and regulations to follow, proximity to other people, shared common areas and condo board politics. You should be able to cope up with all that and much more such as irresponsibility. To avoid making your life harder or unbearable, make sure you can be able to live in a condo before buying or starting the process of buying one.
Decide on either buying pre-owned or Pre-constructed condo
You can either buy a condo which is already built and had been owned by another person prior (pre-owned), or you can buy a pre-construction where it has not already been built.
Re-sale condominiums are better as you see what you are buying before you even buy the property. You also have varieties to choose from depending on the factors you are looking for e.g. their location, type of materials used, the design of the condo, size and color of the condo among other factors. It’s the best approach to use because even if the condo needs some renovations or additional work, you can easily get it done you.
On the other hand, if you decide to purchase pre-construction condominium, you will be getting into the unknown. Even though you can look at the sketches in the sales office, you won’t be knowing how the condo will look like when finished or its exact size. However, you will have the advantage of owning a brand new condo which has never been owned by anyone else.
Research the builder
If you want to buy a building that has not been completed yet, you can check the manufacturer online to see their previous projects and whether they have any complaints about their artistry. However, it is a resale, you need to find out the builder and whether they are in business to see their credentials. Also, check whether the company is financially stable or still in business to understand your situation. After getting all the information you need, you can then go ahead and buy the condo if you are contented with the information given.
Another way of knowing a lot about the builder is getting feedback from people who have bought units from the same builder using whichever means. If you get negative reviews or if a lot of units have been sold, you should be very concerned as it’s not a good sign. And finally, before making the final decision, hire a home inspector. The inspector will do various inspections to give you’re the current condition of your prospective home before you even buy it. However, you should not hire inspectors recommended by the real estate agent since they may be working together and hence inspection would not be genuine. Hire an independent inspector instead.
Work with people who have enough experiences with condos
Among the people, you should work with a realtor, a mortgage broker, a property management company and a lawyer. A realtor will help you with getting a good condo, land you a good deal and help you with the buying process because it’s their area of expertise. On the other hand, if you get a mortgage broker, you will have enough knowledge about the mortgage you qualify for before you even start looking for the condo. This will ease your search and get a good deal in the long run.
If you have a good real estate agent, he or she will ask the right questions, look for the best deals, most appropriate condos, etc. because it is what they do. However, you should be cooperative by giving him or her all the information you need about your condo: location, the size of parking you need, an average cost which you can afford, where you want to live (high floor or lower floor), etc. With all these information and the much he or she knows the market, you will probably have a good deal. Lastly, you should have a good lawyer to review the offer you want to buy and to make your financial arrangements. As a matter of fact, don’t think you can buy a condo on your own.
Measure your unit
Before finalizing your deal, you should get a tape measure to get the real measurements of your unit to make sure it is large as advertised. Sometimes, what is advertised is very different from what you get. To avoid being frustrated after finalizing the deal only to find out that your condo is small and cannot fit your stuff, measure it beforehand. If you find a big difference, don’t buy the condo as it shows unprofessionalism, untrustworthy and maybe in future, you will have more problems too.
When you follow these tips, you will probably get yourself the most appropriate condo at a fair deal. If by any case you are not sure what to do, don’t hesitate to ask questions from professionals to avoid making bad decisions which could be costly with time.