There are so many important elements to purchasing a condominium, that first time buyers can often be overwhelmed. They must first locate the condo of their dreams and make sure that the neighborhood it is located in is one where they want their family to live. That means security, schools, and access to key services. This is only the beginning however because once this is decided, there is a mountain of decisions to be made relating to the purchase and financing of the property.
In order to successfully navigate the process of purchasing a condominium, a first time buyer needs a good plan and help. Here are the 3 best tips for a new condo buyer to successfully get through the purchase process.
Hire a Top Realtor
Your first order of business is to hire a licensed company that is reputable and has a great track for overseeing successful transactions. This is an area where you cannot settle for any realtor, you need to hire the best. Many people look for agents who offer discounted fees and other attractive concessions, but the right approach is to go with the best and pay them for their great service.
When you locate a condo you want to purchase, the process of winning the bid, and then purchasing the condo is detailed and you can expect many twists and turns. Your realtor will be the difference maker in terms of you getting what you want. From overseeing every issue including making sure that you have the right loan company to seeing you have the keys when the home becomes yours, the right realtor will always be there.
Look for Pre-Construction Condos for Great Deals
One other great option to purchase a condo is to buy one pre-construction. This means before the condominium is built. Purchasing early can save you sometimes as much as 20% off the price of the unit when it is completed. In this instance you do not need a realtor, you only need to work through a reputable company like CondoHere that provides listing to great pre-construction condos in many different areas.
Make an Offer as Soon as You are Sure
When you are looking at potential condos to purchase, there is the chance that you will get overwhelmed and not be sure if you want a particular condo. This can lead you to take too much time to make up your mind. Perhaps you are not sure about a certain aspect of the condo, or you think you can find a comparable unit at a better price. So you want to just let things ride for a short while so you can gather your thoughts.
The longer you wait to make an offer on a good property, the less chance you will get that condo. Good condos typically do not stay on the market long and if the market is hot, they are often gone within the first weekend they are shown.
If you love a condo but think the price is too high, have your realtor put in the price you want to pay. The seller can always counter your offer with a higher price or reject it totally. If you want certain concessions made, put them in your offer. You can always walk away if you do not get what you want, but if you do not put in an offer, you will likely lose the condo. So get an offer in on the unit.
With a good plan and great people around you, you can get a great condo free of problems. Take heed to these three tips and listen to your realtor’s advice.