I’ve walked all of my clients through the home buying process, and I can say for certain that there’s no absolute right or wrong way to go about the home buying process. But, there are a few things that you absolutely want to consider, especially when purchasing a condo.
Under no circumstance should you make these five costly mistakes new condo buyers often make:
Mistake #1 – Skip the background research
You should absolutely follow your gut when considering your next property, but please don’t stop there. Commit a few minutes or so to do some research about the home you’re interested in purchasing. Check out the homeowners association (HOA) and builder’s reputation; doing so may end up saving you a lifetime of heartache and costly repairs.
A fix:
Google your new address and the homeowners association to see if anything odd pops up. Even if you find a few red flags, don’t throw the whole house away. There is still plenty of room for negotiation.
Plus, when you work with us, a real estate agent from our team will always let you know about the home’s recorded history and any other available information.
Mistake #2 – Gloss over the amenities
It’s one thing to hear about or see photos of the condo amenities, but just like you wouldn’t purchase your condo sight unseen, you shouldn’t assume the amenities are exactly what you expect.
A fix:
Work with a condo specialist such as our team, and we’ll always tour the amenities in person. We want you to be entirely comfortable with every aspect of your purchase and know that condo purchases require a little extra love!
Mistake #3 – Get distracted by something shiny
Shiplap is great. We all love shiplap! But just because a condo has a gorgeous, cascading wall of it, doesn’t mean it’s time to sign the purchase offer. It’s only natural to get excited when you see something that ticks off a few items on your ‘must have’ list, but don’t let one thing weigh too heavily on your decision-making process.
A fix:
Make an extremely detailed lists of needs and wants. This way way, when faced with a shiplap decision, you’ve already decided that for you, it’s a ‘want’ rather than a ‘need.’ This will also help your real estate agent narrow your new home search.
Mistake 4 – Make short-sighted decisions
Purchasing a new home is likely the biggest decision and largest purchase you’ll ever make. After you’ve made your wants and needs list, it’s time to consider the future too. Do you anticipate kids in the future? If so, does the new space have enough bedrooms or will you need a new home in a few years?
A fix:
Lean on your real estate agent to help you feel out local schools, hospitals, and other important resources that you’ll find are actually long-term non-negotiables.
Mistake 5 – Ignore the rules
Community living means that all the residents have to play by the same rules so that everybody is happy – which is fair! It’s important to review something called the Covenants, Conditions, and Restrictions (CC&Rs), which a realtor on our team can provide once you’ve narrowed the search. This is essentially the community’s rule book on everything from parking to renovations.
A fix:
Take the time to review the CC&Rs so you’re sure that you’re prepared to agree to all the terms.
You don’t buy a home everyday but we at the Brittany Martin team do! Finding your new home is an exciting and often-times intimidating process, but we’re here to help.
Interested in learning more from a local condo specialists? Turn to your Little Italy team for all of your real estate needs! Contact us at (619) 322-2262. Our team looks forward to helping you find your new home.