The above 10 tips for buying your first condo are all equally important considerations to make prior to closing! Buying your first condo can be a very exciting time and can be a relatively smooth process! By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route.
Four years ago, Jose Ramirez saw the signs of a nascent revitalization in downtown Hartford as hundreds of new apartments were coming on the market, and he believed it was time to test the market with.
A first time home buyer needs to consider some basic guidelines before condo hunting and negotiating a real estate contract. New construction versus existing New construction condos usually go up in value quicker and they have lower association dues since the project is new and little maintenance is required.
As a Realtor, I know that condos are popular among first-time home buyers. After all, the average condo costs less than the average single-family home. (In March 2011, the average sale price of a condo in the U.S. was $153,000 compared to $160,500 for an existing single family home, according to the National Association of Realtors).
First time buyers face the biggest challenges, discouragement, and lack of insight into how to buy their first home. Find some tips here to help.
First things first: a down payment is that amount of money you pay towards your condo upfront. In other words, this is the amount of the purchase that you are paying yourself – that you don’t need a loan for. You pay this amount directly to the seller and in return, you have that much equity in your home at the time of purchase.
The trouble with being a first time buyer looking to buy a condo with parking is that one bedroom condos rarely come with parking spaces. In the pre-construction market, where all of the new condo inventory comes from, parking spaces are typically only available for two bedroom condos and up, otherwise you’re on a waiting list.