(Newswire.net — January 12, 2017) — If you’re getting ready to purchase your first condo, you probably have a lot of questions about the buying process and what you should be looking for. And while a lot depends on your personal factors, finances, and needs, there are a few rules of thumb that can be applied in just about any situation.
Secrets to Buying the Perfect Condo
Buying a condo can be an overwhelming process, but it doesn’t have to be. If you understand what you’re getting into and take the time to carefully develop a plan of action, you’ll be just fine. Here are some tips to help get you started.
1. Set a Strict Budget
The very first thing any condo search starts with is a strict budget. Don’t fool yourself into thinking you’ll figure it out as you go. After looking at different properties, you’ll naturally begin to increase your budget to account for amenities you like. It’s imperative that you develop a concrete number and share this figure with both your agent and a trusted friend (or spouse) who will be tasked with holding you accountable.
2. Filter by Location
Now that you have your budget in mind, you can start to narrow your search on the geographical front. What areas/neighborhoods can you afford? Of these neighborhoods, which ones are most convenient to your work, friends, hobbies, etc.? With budget and location constraints in place, you’ll quickly narrow your options down to a handful of choices. This makes the process much more digestible.
3. Look for Good Community Features
Now comes the fun part. What sort of community features are you looking for in a condo? There’s a huge difference between old condos and new ones. Old condos tend to lack fancy amenities and focus on the basics. Sometimes this lets you get more “bang for your buck” but doesn’t have the wow factor or convenience that newer condos come with.
Newer condos commonly have community features that are attractive to younger owners. The Optima Camelview in Scottsdale, for instance, has amenities such as garden terraces, putting greens, and onsite dry cleaners. If this is something you’re interested in, keep an eye out for varying features.
4. Consider Unit Orientation
If you’re investing in a high-rise condo, one of the big perks is that you get a great view. But you have to make sure this view is protected. If air rights are not owned by the condo, it’s possible that other buildings could pop up in the vicinity and steal the view you paid a premium for.
As expert Jeff Reynolds says, “One of the biggest mistakes we make as homeowners is that we do not do our research. The city planning office is a great resource. Take an hour out of your day and schedule the 15 minutes necessary to meet with the planner. Ask questions!”
5. Have Patience
Above all else, you need to have patience. You aren’t going to find the perfect condo overnight. It takes time and you must be willing to put in the hard work and due diligence in order to obtain a property that meets all of your needs. Worried that patience isn’t one of your strong suits? Hiring the right real estate agent to help will be worth every penny.
Finding the Right Condo
The process of finding and buying a condo can be stressful. It’s a large financial investment and requires careful planning and strategic action. Instead of entering the process blindly, do your research and become an informed buyer. Informed buyers get better deals and ultimately end up feeling more satisfied with their investments.