Planning to purchase your dream condo? Tips to get the best deal
You’re finally ready to buy your first condo. Congratulations on taking this critical step toward securing your future. If you’ve been looking for the right home, you’ve researched the various types of condo buildings in your area.
You may be tempted by one building in particular, but before making any final decisions, read this article carefully. We’ll explain why it’s so important to get the best deal when buying a condo and how you can find the best deals on the market today.
Hire the Right Condo Sales Agent
Once you buy a condo, the next step is to hire a reputable condo sales agent. Choosing someone who has experience in your area and knows the market well is essential.
They should also be familiar with the condo development or building you want to purchase to help you get the best deal possible. It is crucial because, according to Mansion Global, the median price of a condo in the US skyrocketed to $319,000 in February, a record high.
Look for professional agents with a good reputation for being hard-working and honest. You might have heard horror stories about real estate agents taking advantage of their clients by acting as a middleman between buyer and seller, but there are plenty of great ones out there. In the US alone, there are 156,622 agents.
Know What You Want
Understanding your needs and wants is essential before you start looking for a condo. This way, you can narrow down the type of condo right for you. For example, in addition to knowing your budget range, it is helpful if you know what amenities are important to you, such as an in-unit washer/dryer or having access to a gym.
The next step in getting the best deal is doing thorough research. Researching the market and knowing the prices of different condos can help you understand what you should pay for your dream condo. Researching the location of the condo and its amenities will tell you if it’s in an area with good schools or transport facilities.
Establish Your Budget
When you have a dream, it’s crucial to have a budget in your pocket. It is the first thing you must do before going for any condo-buying process. The first step is to understand what you want from your condo and how much money you can invest.
If you need more clarification about your budget, ask for help. Your friends or family members can help by giving their input on what budget suits your needs and requirements.
You should also know that there may be additional expenses, such as a down payment and closing costs. Therefore, ensure that all these things are included in your total cost estimate before deciding which one fits your overall budget plans better than others.
Get Pre-approved by Your Lender
Getting pre-approved for a mortgage is a great way to show the seller that you are serious about buying their condo and can aid in your negotiations. The seller knows that if you are already pre-approved for a mortgage, you have enough money to cover closing costs and a down payment. It will give them the incentive to lower the price of their condo.
Your lender will need specific documentation from you before they approve: proof of income, bank statements illustrating recent account activity, employment verification, and other items depending on how much money they decide to lend you.
Notably, the existing house sale dipped by 5.9% in 2022, according to the National Association of Realtors, as many potential buyers didn’t qualify for mortgages due to higher mortgage rates.
You may even need letters from employers or accountants attesting to various things, such as your credit score or income level, depending on the loan program they offer. Once approved by your lender, they will supply an approval letter that can be used as proof when purchasing real estate from another party.
Make a List of Questions and Expectations
It’s essential to come up with a list of questions and expectations for the future condo so you can be sure it will meet all your needs. When meeting with the realtor or landlord, feel free to ask questions about anything related to the condo or building.
If something isn’t working out during negotiations, then walk away from it until it does. Realtors know how much time goes into finding just the right place, so making them wait until everything falls into place isn’t too unreasonable an expectation on their part either way.
Hiring a Condo Sales Agent Will Help Improve Your Chances of Finding the Right Condo
Hiring a condo sales agent will help you improve your chances of finding the right condo. The best agents know the market, and they can guide you through it by helping you find a suitable property that fits your needs and budget. They’re also able to negotiate with sellers on your behalf, so there’s no need for pushy sales tactics, and you can trust them to negotiate fairly and in good faith.
We hope these tips have helped you start your condo-hunting journey. It’s important to remember that many factors are at play here, and it’s a good idea to keep going until you find the right place. Remember that a good agent will help you in this process, so don’t hesitate to hire one.