Saturday, December 8, 2012

Essential Steps When Purchasing a Condo

Whether you're purchasing your first condo or your sixth, it's important to be mindful and to make informed choices. Open houses and apartment showings can be deceptive sometimes. The nice food spreads and the soothing voices of the real estate agents can cloud your vision when it comes to purchasing a condo. In order to make the most informed decision you can, follow these simple steps.

Narrow Down What You Want

Before you even start your search, make sure that you know exactly the type of condo you're looking for. Are you wanting a downtown unit in a trendy area or a larger apartment for a small family? Figure out what your priorities are and decide on what you need and what you can do without. The more specific you are in your choices, you better your prospects will be.

Find the Right Agent

The best agents are the ones that specialize in one or two types of properties. Once you know what kind of apartment you want, then you should start looking for an agent that deals specifically with this type of property. Ask your friends and colleagues for suggestions. Do an extensive search on the internet. Hold interviews with prospective agents. The more research you do, the better able you will be to find the perfect agent.

Ask for Many Options

Once you've found your agent, ask them to look for many properties. Don't let them just show you one or two units. Ask for at least five suitable options and remind them that quality is key. By looking at many properties, you can narrow down the units that best suit your needs.

Figure out a Condo's Reputation

An already existing condo is bound to have a reputation attached to it. If you think you've found your perfect unit, don't put down a quote immediately. Ask the residents what they think of the building they're living in. Note if most of the residents are long-term or short-term. If you notice that a lot of people come in and out of the building, there might be sometime questionable about it. However, if you notice that most of the people who live there have stayed there, then you might have a great apartment on your hands.

It can be very exciting to buy a condo, especially if it's your first one. But you have to make intelligent choices and not be swept away by the experience. Figure out what you want, find an agent that can give it to you, and find a suitable building. Taking the time to make the right choices will ensure that your unit will give you satisfaction for many years to come.


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