Things to Consider When Buying a Condo

If you are thinking about buying a condo then there are some key things you will need to consider. You’ll find these tips useful whether you are thinking about condos at Singer Island or any other condo. Don’t worry, these steps are very easy to cover so it shouldn’t take much time on your end to complete.

How Do You Intend to Finance the Condo Purchase?

This is the first and most important question, how will you be financing the purchase of the condo? The reason you need to ask yourself this question is unless you have all the cash saved up on your end you will need to come up with the financing to realize the purchase. Most condo developers will have a 3rd party financier they work with but there is no guarantee that particular financier is going to give you a good deal.

What you should do is reach out to as many lenders as possible and ask them for an approval-in-principle, this will show the prospective seller that you have an offer from a lender which is considered a “more serious” prospect than an individual who does not have this approval in place. When you have identified the most competitive financing you will need to find out how the condo will be managed, this is key since each condo will have its own respective management company that handles items like maintenance and tenant issues you really need to carefully screen these firms to make sure the one that is in place is taking good care of the property.

The last thing you should review when buying a condo is who built the condos, you want peace of mind knowing the property was built to the highest possible standards so your investment will preserve its value for many years to come.