Essential Tips to Finding Condos for Sale

There are a few tips you may want to take under advisement when looking for a condo for sale so that you know the one you choose is the perfect match for you and your family moving forward, a place where you will feel safe and can enjoy for years to come.

One of the first things you are going to want to take into consideration before you even start looking at a condo for sale is to consider your lifestyle. Are you a small family with young children a handful of pets? Are you a single professional looking for the convenience of a lock up and go or are you a young couple who enjoy spending weekends away at various destinations throughout the country? Your lifestyle will determine if condo living is the right choice for you.

Remember a condo, or condominium, is a unit in a complex. This means that you will have neighbors close by, but you also get the added benefit of a host of facilities and amenities. Some come with swimming pools, others come with laundries and there are those that also include a small fitness center as an added convenience.

With your lifestyle identified and you have decided that a condo for sale is the best choice for you right now, you are going to want to look for an experienced an agent. If you have heard of a new complex being built in your area, then contact the agents handling the complex to see if there are any units still available and make an arrangement to view at your convenience. Try and choose an agent who has experience selling these types of units, someone with a wealth of information that can provide you with the advise and assistance you need to make the right investment decision moving forward.

When you find a condo for sale you feel meets your exact requirements, then you are going to want to start working on your financing options. Speak to the agent you are dealing with to see who they recommend for financing. If you have your own bank you have been using for years and you have a good credit history, it is worthwhile approaching your bank directly to see what finance they can provide to you, so you can pay your deposit and secure your unit without delay.

Identify what is included with the condo. In most instances you find that condominiums come with a host of facilities and amenities. Some will have swimming pools, some will have fitness centers and others will have both. These are conveniences that you may or may not make use of, but they are fantastic selling points when you choose to sell or upgrade one day.

Ensure you identify the Homeowners Association fees you need to pay each month and what these fees include. These fees are charged by the association that oversees the complex. In most instances this will include overall maintenance of the building and public areas, along with refuse removal and more. Each association has different rules and fees, so ensure you have a good understanding of these before making any final decision.

Tips For Buying A Pre-Construction Condominium

Purchasing a condo when it’s in the pre-construction period might seem a little too hasty. In that scenario, it would seem the unit is being purchased based on the architectural drawings from the developer’s sales site. The reality, however, is that buying a unit before construction is finished isn’t all that straightforward.

Developers tend to rework the designs of a unit’s layout as the job progresses. This is a necessity given the many changes that happen during construction. Purchase contracts are drafted to be advantageous. For instance, a late complex completion will force delays onto the purchaser. They may even be put into the position of occupying their unit while the proper permits are still being worked out, as well as certain aspects of the construction itself.

Buyers might also be victimized by developers that attempt selling off units that are in an early stage and still in possession of over 51 percent of the condominium project. As time passes, developers may find themselves unable to sell off the remaining units.

A condominium that can’t attract any new buyers will likely experience a major decline in the overall value of its units. After realizing there isn’t any major demand, developers will decide to rent out any unit that has gone unsold. The overall unit value then drops even lower.

It is advised that buyers consult with an experienced lawyer to insert conditions of their own into any purchasing contract. By determining a fixed completion date, the buyer can make sure they’ll get their deposits back if a developer happens to give an inaccurate estimate of time. These sort of arrangements can even help protect the existing value of previously sold units.

The timing of the completion needs to be in the buyer’s hands. It is highly suggested that the proceeds from the sale of a unit, as well as its deed, remain in escrow under the guidance of the developer’s lawyer. Only once the developer has sold as much as 51 percent of their units should this cease. Whoever purchases the unit will have to pay occupancy fees to the developer, equal to that of a combination of the monthly maintenance fees and the anticipated mortgage as long as their agreement is going as planned. Many developers will try to push these without sticking to the terms you’ve laid out, so be mindful of how your dealings with them proceed.

You must also keep the condo maintenance fees in mind. Only for the first year of operation after the unit owners take charge of the complex are they guaranteed. Developers tend to calculate an initial budget based on the lower end in order to make the condominiums appeal to more buyers overall.

As the years go on, a majority of the unit owners will assume control of a complex. It’s almost as if it’s a rule. Afterward, they are hit with a notably higher monthly maintenance fee that’s meant to take care of the developer’s overrun costs. From the first year on, buyers will take on and expect to see increased maintenance fees. Naturally, this comes after the completion of the condo.