9 Ways to Stay on Track When Buying a Condominium
This checklist is to help and assist condo buyers to stay on track, efficiently locate properties, negotiate with confidence, and work their way through the many documents, disclosures and inspections leading to a happy and successful closing. The order may change around a little bit depending on the properties and the buyers, but in general, these are the things you need to keep in mind and do in getting to the closing table and picking up your new homes keys.
1. If renting is an option, do the rent vs buy calculation and check your financial abilities to cover closing costs, make a substantial down payment, and qualify for a mortgage.
2. Learn how to efficiently use a real estate website search page to locate the best properties and eliminate those that don’t meet your requirements.
3. Get setup with automated alerts by email to keep you posted on any new listings and price reductions.
4. Learn all about what makes condominiums different from detached single family homes.
5. Take notes and photos when you visit properties, as you’re not likely to remember details after you’ve seen several.
6. Go over the condominium documents, finances, disclosures and title documents so that you thoroughly understand them and know the rules and regulations and how you’ll be able to enjoy your property.
7. Remember that you’re the buyer, and if you don’t bring money and a mortgage to the table the seller doesn’t get to sell and move. Having a backup choice helps you to stand firm in your negotiations.
8. Participate in inspections and any post–inspection repair negotiations.
9. Attend the closing, get your keys, and enjoy your new home.