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Your Condo Buying Checklist

Are you planning to buy a condo? When it comes to home ownership, condos are an attractive option. They’re generally more affordable, easier to maintain, amenity-rich and often located in desirable neighborhoods.

Here are some advice on what you need to know before buying a condo.

Seek Financial Qualification

To finance your condo purchase, it is important that you become pre-qualified with an active New York mortgage lender. Doing this prior to your search will help you understand how much you can afford and help narrow your focus and save you time. You also need to have to manage your savings and finances. Initial installments are ordinarily no less than 20 percent, because putting under 20 percent down for the most part makes you an unattractive choice for sellers. Your FICO assessment will decide if banks will loan to you, so keeping your score as high as conceivable is in your best interest.

Knowing What You Want

Apart from the price, there are other factors that you need to look for before you make a choice. Be prepared to see a variety of styles from low-rise to high-rise, with or without amenities. The choice will depend on your preferences. Select a location that is near your workplace or one that has access to schools. Additionally, you should check for the convenience of supermarket and stores.

Find A Solid Buyer’s Agent

With your agent, you should visit as many open houses as you can manage. Open houses will give you a better sense of what you like and don’t like, building and neighborhood amenities, location, and the vibe of the surrounding area.

Always remember that when purchasing a condo in New York, you are competing against hundreds, if not thousands, of other buyers who are searching for almost exactly what you are. By working with an agent or broker whom you trust and with whom you are agreeable, you will give yourself an upper hand over those who are not utilizing an agent.

Making An Offer

Before making an offer on any condo, check with other local realtors to find out how much the unit would fetch on the open market if offered for sale. When you’re competing with multiple offers, you have to come prepared. Bidding wars can at times be part of a scheme that some brokers or developers may employ to hype up the market and maximize their commissions or profits. If you agree to up your price just to beat the other guy who wants the same unit, you will probably end up overpaying for the unit. Be patient. The right opportunity will present itself over time.

It’s A Deal

On the day of the closing, go to a walk-through of your unit and review the mortgage documents. Also, keep track of the inspection contingency date and the mortgage contingency date since you will waive your right to an inspection or a mortgage if you do not perform them within the time allotted. Once the closing date is officially set, you will review the banks closing instructions and procedures and conduct the final inspection. It takes approximately 3 months before a final title policy can be issued to you and your bank.

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Source: LAFFEY KNOWS

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