Buying a Condo: Top 10 Mistakes — New York Real Estate

Buying a Condo: Top 10 Mistakes

by Raja Tayeb on January 4, 2011

buying a condo

There are many factors that people do not take into consideration when they are buying a condo and end up spending far more than what they bargained for or something far less than what they expected. Buying a condominium is a long process and can get even more complicated if you have not taken the necessary steps to brace yourself for the future both financially and mentally. Based on repeated experiences, some of the most common mistakes that buyers make when they purchase a condo are:

Mistake # 1- Lack of Financial Capability

Many people have the tendency of looking at a house they are interested in before they actually sit down to make out a budget of what they can and cannot afford. They also do not do the necessary research into their own credit history to see if they are in good standing with credit institutions and end up wasting valuable time when they find out that they are not qualified to get the mortgage that they want. Before you go knocking on doors, it is best you know just what you can afford and what the expenses will be like when you close the sale price.

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Mistake #2- Lack of Future planning

Living for the ‘now’ moment to buy a condo is a very short sighted approach to  what the whole process entails. This short sightedness has forced many people to lose their homes because they did not tie in future expenses with their mortgage expenses. They also have very little savings to fall back on in the event they lose their jobs and are forced to be unemployed for a while. All these issue will have to be taken into consideration before you decide to buy a condo.

Mistake # 3- Do It Yourself Mentality

Many people often believe that cutting the services of a realtor will help them to save money. What they are unaware of is that while it may help to reduce the realtor expenses it does increase the level of responsibilities that they will have to bear on their shoulders. These responsibilities can prove to be costly and in many occasions they lose valuable time trying to learn about procedures in the world of real estate. A honest and trustworthy realtor will ensure that you buy a condo at a reasonable price and get what you are looking for.

Mistake # 4- Failing To Examine The Condo.

Looking is not the same thing as examining. When you walk into a condo that you are interested in buying, then you have to take the time to ensure that there is nothing that needs to be repaired and if there is that the steps are taken to do it before you actually buy it. Some people just look on the surface and assume that everything is fine and have a rude awakening when they see that there is a leakage that the owner somehow ‘forgot’ to mention or a hundred and one other things that need to be repaired. If you will have neighbors, then check to see the wall thickness to ensure that nothing they do will bother you or vice- versa. Agreeing to have a home inspection done before you actually buy the condo is the best way to get around this.

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Mistake # 5- Failing To Meet The Neighbors

When you go to buy a condo for the first time it may not be appropriate to introduce yourself at the first meeting with the seller to your neighbors. However, if you really like the condo you plan to buy and are sure about buying it make an effort to visit the place a second time and take the opportunity to meet the people that will be surrounding you. You want to ensure that you are in safe area with people that will respect your space and privacy.

Mistake # 6- Getting The Wrong Realtor

Getting a cheap realtor is not necessarily the best solution to avoid expense. You should ensure that the person that you plan to hire has ample experience in the real estate sector and is willing to work with your needs to get the best condo that you plan to buy. Look out for realtors that are more than wiling to take advantage of a given situation to get a personal gain when you want to purchase a condo.

Mistake # 7- Not Asking Questions and Taking Measurements

When a condo is being showcased use the opportunity to ask questions about the plant and if possible  get a plant and actually measure what is on it with what is actually built. Do this in front of the buyer so that he or she knows that you are not going to take a six for a nine. Many people buy condos only to discover that the dimensions and specifications are far different that what is really built.

Mistake # 8- Not Considering The Location

Some people get so caught up with the fact that they are about to buy a condo that they forget to look into the location. They do not do the necessary investigation to see just how far the condo they plan to buy is near to supermarkets, schools, shopping, restaurants, and many other amenities.

Mistake # 9- Not Knowing Anything About The Company/person That Built The Condo

This might seen like a trivial issue to most people, but it is important that you know who built the condo that you plan to buy. This will give you a jump start with possible issue that could arise  after you purchase the condo.

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Mistake # 10- Not Thinking About The Closing Costs

Buying a condo involves more than just paying the sale price and calling it a day. You will need to think of all the closing fees that eventually add up and how you plan to budget for them. Taxes  and  maintenance fees are just some of the long term costs that will be attached to the condo that you buy.

Source:  azgta.com

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