Whether you buy a condo for living or for investment purpose it is
essential that you do all the required ground work. Even a single
mistake while buying a condo could prove costly later. This article
presents few mistakes that every condominium buyer should avoid.
Lack of prequalification for mortgage: Condominiums which are less
expensive compared to houses are preferred by many. Hence, there is a
great chance for you to have a competitor for the condo you love the
most. In such cases, the owner would prefer the buyer who is
prequalified to obtain a mortgage for buying the condo. Even if you are
prequalified for loan make sure to choose a lender who is quick at
processing the loans.
Quoting too low price: If the condo looks good and is of good quality
then make sure to quote right price for it. It is highly recommended to
take the help of local real estate agent to quote right price for the
condo. Chances of owning the condo you love the most will be high by
quoting the right price.
Selecting the wrong condo: The condo you have selected might be
perfectly well designed, high quality and is in a good neighborhood.
But, it may not aptly suit your requirements. In such cases, it would be
a nightmare to live in a condo that does not fulfill your needs. You
may even end up selling it within a short period of purchasing it.
Hence, before closing the deal make sure that the condo best suits your
Forgetting to inspect the condo: The condo might look good from
outside. But, there might be many hidden aspects such as leakage,
damaged cabinets and many other things that are to be repaired. Hence,
make sure to inspect every inch of the condo and get it repaired if
required by the owner before making a deal.
Not knowing about the neighbors: Safe and happy living in a condo
greatly depends on the neighbors. Hence, before buying a condo talk to
the neighbors and know about them. Make sure that there will be no
barriers to your privacy. Also know about the condo management and the
efforts taken by them to keep the condo clean and safe.
If you are not sure of doing all this hire an experienced
advisor and have faith on him. They will take care of everything.
However, make sure to select reliable advisor who is experienced in
dealing with condominium sales.