You feel as if you have everything in order. You’ve chosen a property that is in the right price range and the right area, and now you’re ready to begin the purchase process. Many condo buyers assume that once they’ve chosen a property that actual buying process should be fairly simple. It can be, but only if you understand the purchase process completely. Within this article, we’ll look at the four mistakes that condo buyers make which can prevent them from being able to purchase that dream property.
1. Bidding Too Low on Property
Many condo buyers make the mistake of believing they can undercut the seller by putting in a low first offer for the property. The problem with this technique is that, if you’re purchasing a condo in a busy metropolitan area, there will be other interested parties also bidding on the property.
Many of these parties will likely have put in an offer that is either at or above the listings prices, and therefore you should consider putting in an offer that is of a similar value. Placing too low an offer can also cause a rift in your relationship with the condo seller, who may rule you out as a serious bidder if you don’t put in an offer worth considering.
2. Not Getting Pre-Qualified for a Mortgage
In order to enter into the purchase process as a trusted buyer, it’s important that you’re first pre-approved for a loan by a lending institution. In addition, you will also need to secure an interest rate with that lender, so that you’ll have a full understanding of your financial position before negotiating with the buyer for the purchase of their property.
When searching for lenders, speak directly with Alfred, as he will have connections to top industry specialists who can help to provide you with a loan that has terms suitable to you and your specific financial situation.
3. Selecting the Wrong Location
The most important considering when moving is to find a property and an area that meets your family’s distinct lifestyle requirements. As your agent, Alfred will be able to help you with finding a property in the location of your choice.
However, you must first provide details to Alfred about the type of property for which you are looking. One of the key considerations for most people when selecting a property location is the proximity of that location to their workplace.
Remember that you’ll be traveling between this condo and your workplace most days, so you’ll want to find a location that allows for as simple and fast a commute as possible. Therefore considerations such as highway access and public transportation access could become key factors in your location decision.
4. Failing to have the Condo Reviewed by a Property Inspector
It requires a professional to understand the unique structure of a home. While you and your real estate agent might be able to detect aesthetic issues, there are underlying structural factors that could come into play years after you’ve moved into the property.
That’s why, before signing any paperwork, you should employ the services of a home inspector, who can review the property inside and out, checking for problems related to plumbing, the electrical work and other complex areas to protect you against having to shell out thousands of dollars for home repairs further down the line.
Understand Your Obligations as a Condo Buyer - As a condo buyer, it’s your job to understand the unique process involved in the purchase. By following the rules and working directly with your trusted real estate specialist, you can simplify the purchase process and prevent costly delays.