Buying a condo unit in a new neighbourhood can be tricky. Without knowledge or a real estate agent to do the dirty work for you, you may end up with a condo you’re not comfortable with. To help you learn the ropes in real estate as a buyer, here are some secrets to buying new condos for sale:
1) Check the neighbourhood. Familiarize with the surroundings of the Condo you’re going to buy. You can drop by anytime of the day to observe the type of neighbourhood you’re going to deal with in the future. Many homebuyers were upset when they found that despite the perfect house, the neighbourhood doesn’t suit them. Observe the commute from your house to your work or your children’s school. Check how far the condo is from the nearest grocery store, hardware store, hospital, or other service establishments that you may need. More often, the closer your prospect home is to a good quality school, the higher the value of the house is.
2) Know the Art of Bidding. When buying new condos for sale, your opening bid must be based on two important considerations- how much you can afford and what you think the value of the property is really worth. Your opening bid should be reasonable and fair. Most people think that it’s best to bid low first and go up, however, bidding depends on the current market situation. Sizing up the house based on the price for every square foot compared to other houses in the neighborhood is a great way of balancing the scales.
3) Physically Inspect the Condo. You wouldn’t buy a car without checking every nook and cranny. Although you can’t test a house before buying it like we can do with cars, you definitely have to go and see the unit several times before buying. If you can’t do it yourself, get a home inspector to assess the house and give you information vital to your decision making process. This way, you’ll get an unbiased opinion from a third party, aside from a real estate agent.
4) Avoid Getting Sentimental. Don’t pick a condo just because you loved it at first sight because of its modern paint job or high tech fixtures. Depending on your financial status, you might want to hold off on your emotions and check your financial accounts before making your decision.
5) Scrutinize for Sleeper Costs. The big difference between owning a house and renting is the sleeper cost. Be aware that being a homeowner has added responsibilities other than paying the mortgage, like property tax and homeowners-association fees. You also have to be prepared for future repair and maintenance expenses.
6) Avoid timing the Market. Figuring out the right time to buy a condo is a waste of time.. The right time to buy a condo is when you find just the right unit that suits your specifications and budget. Remember that the real estate market is a wheel, the price goes up and down and up again in a never ending cycle.
7) Pre-approve your Home Loan. You get pre-approved by your lender when they have looked into all aspects of your financial status and they have notified you of how much they can lend you. Pre-approval will save you a lot of time and effort and also gives you the opportunity to look around for the houses within your budget.