Getting a good deal on a condo doesn’t have to include market timing and pre-sale speculation. Everything you need to look for and/or verify when purchasing a new condominium. Location, location, location. Make smart decisions and do not think emotionally. Condos make ideal homes for singles and couples who lead busy lives and don’t spend much time at home and homeowners who want to spend less time and energy on maintenance. Similarly, lower prices and a depressed economy indicate that it is a good time to buy. I learned the hard way that condos do not make good rental properties. Seven (7) Things to Consider when Buying a Condo Unit. Buying a condo allows you to wade into homeownership without plunging into the responsibilities of a single-family home. The kind that practically rent themselves, and consistently produce a strong gross income. Discuss the contract before signing it. As a potential condo buyer, you need to be careful in following the corresponding steps when you make a decision to buy a particular condo unit. So, if you’re wondering where to buy a condo, here’s a list of the 15 best places to buy a condo for investment in terms of cash on cash return according to Mashvisor’s Rental Property Calculator . If you're buying a condo in a new-construction building, the builder must provide a two-year structural warranty – something that should be disclosed in your resale package. When buying a condo in DC, try to spend some time near the building to get a sense for the closeness of the community and if you see any red flags! Condo prices vary depending on the location of the condo. You’ve visited a couple of times, you’ve checked out the Association and you’re sure: this is the one you want. All told I lost about $1,000 due to associated costs leading up to the purchase. Most buyers are going to want to have the condo inspected before they buy it. Buy Resale HDB Flat. Not every homeowner or renter is familiar with Homeowners Associations (HOA's). In this article, we get down to brass tacks. By following the above 10 tips you will be very happy and comfortable in your condo… How to Buy a Condo for Investment. If you will need to move in right away or are in a bind to find a new place, a pre-construction condo probably won’t be the best decision for you. Before you buy a ski condo, it’s important to at least ask some questions about how the neighborhood might change in the years to come and how a future land development might affect you. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing! Make an appointment to view your shortlisted properties Once you have made a list of several condo projects that interest you, it is time to make an appointment to view your shortlisted properties. View units and make an offer. Five days before closing, I had to walk away from the deal. Buying your first condo can be a very exciting time and can be a relatively smooth process! Condominium Buyer's Guide; Chapter 1: ... Find out if your monthly condo fees are realistic, what they include, and when they’re likely to increase. The answers to these questions will help you decide whether you should even make an offer in the first place or bail on the sale once you get all the facts. Buying a home without a real estate agent can save you money on commissions and allow you to shop on your own timeline. Do the Math: An Example of a Condo Investment . 2. Condos make good investments in the right situation, but it’s important to know what you’re getting into before you sign a purchase contract. Before you make an offer to buy a condo, ensure you have looked at many different properties and are truly choosing the condo that is best for you. If you are buying a foreclosure or a unit in a complex that has had a number of foreclosures, there are other things that you need to look out for, but we’ll cover that in another article. You'll begin by getting pre-approved for a loan. Checklist for Buying a New Condominium. Then locate an in-state realtor who specializes in condo sales. The Case-Shiller Indexes provide investors with a way to determine the overall state of the real estate market. Not long ago, I failed in an attempt to buy a condo as a rental property. However, buying a condo is not the same as buying a house. Here’s what you realistically need in the bank to buy your first house, and what other expenses to prepare for. You will need to make a down payment on your mortgage of between 3-and-20 percent, depending on the lender. But, even a first-time investor can score a good buy if they spend their money wisely. Learning from professional real estate consultants helps in making you get a clear overview of the step-by-step process in buying a condo. Anyone can buy a Destin or 30A condo as an investment rental, but not everyone can find a profitable condo rental. Smart tips to make buying a condo easier. The location of the condo greatly affects, one, the potential of price appreciation and, two, access to conveniences. First, you need to figure out what you can afford and how much of a mortgage you’ll need. 1. Buy New HDB Flat. As you can tell, location is key for the success of a condo real estate investment. Rental Company Management Agreements. And condos can be more difficult to get financing for. Here’s the process you’ll go through to buy a home without a buyer’s agent. Think with both your head and your heart. To learn more about the factors to consider when buying a condo, read John Reed's "How to Get Started in Real Estate Investing." 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