We have compiled six helpful tips to consider before you buy a condo that will save you time, headaches, and money.
Get Pre-Approved - It’s vital that you know exactly how much you
can afford, before you go out touring and find the condo of your dreams, only
to learn that it is out of reach financially.
Getting pre-approved can seem daunting, but we can put you in contact
with a trusted lender to guide you through the process and get you
pre-approved so you can act quickly when the "perfect" condominium hits the market.
Think Resale - Keep in mind
that the typical length of ownership is 5 to 7 years due to the mobility of the
U.S. economy. When you are deciding
which condominium to purchase consider how easy it would be to sell to the next
buyer. Condos that don’t include garage
parking or those that back to a busy street are less desirable and sell for
About Condo Association
– There are many wonderful benefits and
conveniences to condo living, however there are also important rules and
regulations that you want to know about before purchasing. For instance, some associations do not allow
rentals in the building, others have pet restrictions. If you are buying a 2nd floor condo, will you be required to cover wood floors with area rugs? What
about bike storage? Is the association
professionally managed? Don’t worry; this is where we can help. We will guide you through the process so you
can be confident with your decision.
Don’t Wait – Too
often we have seen a buyer fall in love with a property, wait a few days to make
a decision, only to learn that another buyer’s offer was accepted the day before. Also, inventory is lower than it has been for
the last few years so many properties are selling quickly due to high demand. If you love the condo, don’t wait for someone
else to live in YOUR home – be prepared to write an offer.
– To determine the best price to offer
or to know if the seller has fairly priced their property, look at the recent sales for
similar condos, called “comparable sales”. Comparable sales are recent sales of condominiums that compare closely
to the one you are looking to purchase, usually sold in the last few
months. Specifically, you want to
compare prices of condos that are similar in square footage, have the same number of bedrooms and
baths, garage spaces, etc. We can assist you; we prepare a Buyer’s Market Analysis for our clients so they are educated on property values prior to writing an offer.
Can Be Changed
- paint colors and wallpaper, light fixtures,
flooring, and window treatments can all be changed. Don’t let the dark purple bedroom paint turn
you off your potential dream home. Think
of how much fun it will be to make a home YOURS! We can provide you with a list of handymen, contractors, interior design consultants to assist you in personalizing your new home.
We specialize in selling condos throughout the metro St. Louis area. Give us a call at 314.414.0080 or fill out the "Get In Touch" form to schedule a buyer consultation. Thank you!
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