THE FIVE MOST IMPORTANT TIPS FOR FIRST TIME CONDO BUYERS

A stable housing facility is an essential ingredient for comfortable living. This is why house searching will form an integral part of our lives, if it has not already happened. When you are looking to buy a home, there are several options for your selection. A condominium or condo could well suit your housing needs. It is a large residential property that consists of individual units of houses. 

If you have picked on a condo as your preferred home, then you are on the right track. You would be happy to know that condos appreciate at a slower rate than other homes like single-family residences. This guarantees that you could gain some competitive rates for the condominium. Condominiums can also afford you the opportunity to gain deductions on your mortgage interest. 

Home buying might seem like a rosy process, far from it. You might have a hard time buying a good condominium. As a first-time buyer, you are always inept in issues about home buying. It is in your best interest to keep to certain factors to end up the winner at the end of a deal.

Some of the key tips in getting a good condominium at the first attempt include:

1. Prepare adequately for the searching process Preparations should be a key consideration for first-time condominium buyers.

The preparations relate to arranging your financial situation and choosing the appropriate mortgage. In most cases, it would be hard to finance the purchase straight from your pocket. Thank God for mortgage loans since you can own your dream condo without much financial strain. However, do not make haste since your credit score could put the brakes on your progress. Many people have had their home loan applications rejected on the basis of their poor credit ratings. The best way to curtail such an unpleasant scenario is to prepare yourself financially. You can review your credit report and fine-tune it by ensuring that you have enough money to cater for the closing costs and down payment. Also, it is important that you pay off any debts before you apply for a loan to buy a condominium. Most lending institutions pay strict attention to people who have poor credit scores. Having a good one will increase chances of gaining a mortgage. Apart from financial preparations, you must also research on the appropriate condominium. There are many condos that you could purchase; it is only wise that you conduct a needs versus assessment exercise. Adequate preparations also entail getting pre-approval for a mortgage loan. This informal review of your credit review will hasten the process of the approval of your loan application. Still, you must remember to select the right mortgage as per your financial capabilities. 

2. Enlist the services of buyer agents Being a newbie in the whole business of home

buying, dealing with the seller’s agent might be hectic. That is why hiring your own agent could help you scale this barrier. Such an agent would help you in the rigorous negotiations involved in the selling of the condominium. A buyer agent could come in handy when you find yourself in competitive bidding. He or she has the prerequisite knowledge about the value of the property. With this knowledge, you can comfortably outbid other potential buyers. 

The other importance of a buyer agent is that you could gain insight into valuable, confidential information. In most incidences, the seller’s agent cannot reveal some sensitive information when dealing directly with you. With his or her skills, your agent can squeeze this important information out of the other agent. Such information could be the condominium’s last mortgage, its previous price, and its duration in the market. 

When conducting a market analysis on the prices of condos, your agent could come to your aid. They can help you in unraveling the price tendencies of condominiums and their annual appreciation. 

3. Analyze the Condominium Sales agreement

Another important tip that you can ill-afford to ignore is the analysis of the sales contract of your desired condominium. This agreement or declaration is some sort of documentation that dictates the manner of operations of the condominium. The effect of ignoring such a declaration is quite detrimental on the share value of your ownership. When analyzing the condominium’s declaration, you should check for issues like:• The complex’s pertinent issues.• The size of the condo’s reserve fund.• The modalities for handling requests and complaints.• The rules and restrictions of the premises. • Any persistent problems in the complex. 

4. Avoid hidden fees on mortgages This is a very important tip to remember since

hidden costs will definitely come back to haunt you. Many lending institutions hide these hidden costs within the loan agreement. Some of the hidden fees go towards the loan application, stamp duty, legal fees and building inspection among others. Catering for such unforeseen costs could seriously dent your pockets in terms of finances. This negates the whole purpose of seeking mortgage loans to own your condominium. 

The best way to forestall this scenario is to enlist the services of an attorney. Undoubtedly, this professional has the prerequisite skills to unlock the legal jargon in the document. A legal assistance can help you to unearth the numerous sections of the agreement that rubberstamp such costs. You can also avoid hidden fees by thoroughly reviewing the agreement before signing over the dotted line. If you do not understand any of the contents, you should seek comprehensive answers to that effect. Remember to furnish the lender with a copy of the purchase agreement. 

5. Conduct a home inspection It is also necessary to conduct an inspection of your

home. Here, you can choose to do it yourself or seek professional help. The latter method will save you from the costs associated with personal inspection. Professional inspectors would alert you on the intricacies of your condominium and proper maintenance schedules. Some of the fundamental issues in home inspection include security, design and layout, privacy, available facilities and electricity connection. 

Condos are an apt choice for you when looking for a home. It will give you the same level of comfort as other types of homes. When buying one for the first time, the above tips would make the buying process a walk in the park. Knowledge is power; do not let seller agents and mortgage lenders prey on you