There are five powerful strategies to consider when buying a condo. Be sure you follow this advice to get the best deal on your new condo.
1. Get pre-approved not pre-qualified.
As stated before, pre-approval provides you with leverage when you look for a condo. Pre-qualification, on the other hand, isn't worth much more than the certificate it's written on because nothing has been verified. The lender has just asked questions and, based on your answers, has come up with a determination of how much you might qualify for. A pre-approval is a much more powerful document because you have actually started the loan process and the lender has verified your income, credit, debts, etc.
2. Sell your current condo first, and then look for another condo.
Sales contingent upon the sale of your condo rarely work. Buyers don't usually want to sell their condo to someone who has to wait until theirs sell first.
3. As stated before, make a list of what you really need in a condo such as the number of bedrooms and bathrooms and the square footage then add the features you'd like to have such as an exercise room or a pool then prioritize the list.
4. Get a complete list of all available condos that meet your requirements.
Look at the condos that best fit your criteria. Don't be pushed into a condo you don't really like.
5. Read between the lines.
When looking at ads by sellers, what's not mentioned is sometimes more important than what is. Remember, they're trying to sell their condo so they want to make it seem as good as possible. Have your agent help you decide if this is the right condo for you. Then visit the condo to see it for yourself.
By following the tips provided in this condo buyer's guide, you will be armed with all the information you need to make a wise decision when purchasing your next condo. Always remember to buy the condo that's right for you and your family regardless of anyone else's opinion.