Owning a condo is a grand idea because it acts as a keystone of wealth as well as financial security. It’s true that buying a condo is a milestone that only few can accomplish in their lives. Nonetheless, while most cities around the world have condominium developments littered in almost every nook and cranny, the sad news is that only a few of them come at a reasonable price to potential homeowners. Its worth noting that new condos are much more expensive than most buyers think. And that is not all. Finding an excellent condo at an unbelievable price, nonetheless, is almost an impossibility. However, you can achieve that without much difficulty.
While the cost of the condo might not be the only thing that you should put into consideration, it’s vital to make sure that you are financially stable to afford one. Luckily, the following tips and techniques will help you to land an exceptional condo without digging deeper into your pockets.
Research
Before deciding to purchase a condo unit its necessary that you carry out proper research. Make sure that compile as much information as possible so that you can consider alternative options. Afterall, you are not guaranteed that you will purchase the property that you are interested in so having several choices up your sleeve will come in handy. Find out as much information as possible or talk to agents as well as brokers. Compare the prices of the properties and list down the advantages and disadvantages of each as it will help narrow down your research.
Plan financially
Having the cash or knowing where to get finances is critical when buying your first condo. While factors like amenities, location, accessibility, facilities, and size will play a critical role in influencing your decision, its ultimately how much you will part with that would make the most impact. Besides the down payment, you should also think of the additional costs of moving. Also consider the association fees, real property taxes, monthly upkeep just to mention a few. With the things as mentioned earlier, you will need to afford the unit and have good credit to qualify for a mortgage.
Pre-selling units
Pre-selling units are lowly priced compared to condos that are ready to occupy. As the condos are still under construction, you don’t expect to move in soon. In fact, it would take like six months or one year before you finally move into the unit. Trust me, and you will be greatly rewarded for your patience. You will have the chance to select prime condo units for renting or staying. Furthermore, buying pre-selling units will allow you more time to save and purchase your chosen condo once it’s finished. Since you will be spending your money on units that are yet to be constructed you better work with trustworthy developers. Some mediocre developers take advantage of buyers looking for pre-selling units and con them their cash. If you are not careful, you might end up falling prey to such developers.