Get Started with Buying a Condo
First steps first.
Before you run out and start visiting open houses, get familiar with some key concepts.
Who should not buy a condo, closing costs, condo docs, and understanding condo fees are just a few of the topics covered.
You will put yourself in a better position if you do a little 'home' work first. Below are a few resources to get you started.
Needs and Wants
Buying real estate involves many trade-offs. Location being primary, but there are many more.
A good place to start your real estate journey is to give some thought about what you are looking for. After all, if you don't know what you are looking for, then you could end up some place you don't want to be.
Location, size, price, condition, features and amenities are some of the main categories of items to consider. Rarely will you find everything you are looking for in a single property so it is good to prioritize.
Realtors like to divide these trade-offs into Needs and Wants. 'Needs' are items you absolutely must have in your purchase. 'Wants' are nice to have items - you would prefer to have them but they are not deal breakers.
The Savvy Condo Buyer's Guide: Must Have Needs and Optional Wants
This post will help you in defining your condo buying criteria. Read the post in conjunction with the Wants & Needs worksheet.
Wants & Needs Worksheet
Download this worksheet to help you prioritize your wants and needs.
Your needs and wants are not static - they will evolve over time as you look at places with a critical eye. Use this worksheet to get started on you buying journey - and then revisit it ocassionally.
Buy or Rent?
Buying is not for everyone and for some, it is better to rent. In the long run, buying is almost always the better option. Here are a few things to consider.
Buy or Rent Calculator
There are many buy vs rent calculators to help you with the numbers. This calculator even takes into account taxes and return on investment.
Comparison
Here is a simple comparison of what it would like if you bought a $500K condo or rented an equivalent.
Frequently Asked Questions
Here are some of the common questions that condo buyers have.
7 Reasons a Buyer's Agent is Essential
Vestibulum euismod nisl suscipit ligula volutpat, a feugiat urna maximus. Cras massa nibh, tincidunt ut eros a, vulputate consequat odio.
Buying is not for everyone and for some, it is better to rent. In the long run, buying is almost always the better option. Here are a few things to consider.
8 Step Condo Buying Process
The first step in the condo buying process is to get familiar with some key concepts.
How to find the right place for you. Searching online and off line. Cheat sheets and fun facts too.
Everything you want to know about condo fees and what to watch for in the condo documents.