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First-Time Condo Buyer Tips

November 20, 2018

A home is likely one of the single biggest investments you will make, and being a first-time buyer, you are probably overwhelmed with the cost, complexity and commitment you are about to make. So, before you purchase your first home, make sure you’ve done your homework. From thoroughly checking out the house to saving money, here’s a handy first-time home buyer checklist to help you on this very exciting journey.

Don’t Skip Out on the Home Inspection

Keep in mind that just because a home was recently built, that doesn’t mean that you don’t need to have a home inspection. There may have been problems with the construction or other issues that you will want to know about when you’re putting in an offer. Hire a trained, certified home inspector to help you with this process.

Choose an Experienced Agent

Choosing a real estate agent is a big deal. You don’t want to just pick the first person you find. Your agent will play an important role in your entire buying process. Therefore, selecting an agent who is inexperienced is a recipe for disaster. Save yourself any future headaches and make sure that the agent you select has verifiable experience with condominiums. Buying a condo is different from buying a standard house, so it is essential that your agent has experience in this area.

Ask How Flexible the Seller is on Price

You should check to see how flexible the seller is before you make an offer, so you can avoid offending the seller with a low-ball offer. This will also help you figure out how much you can negotiate. Keep in mind that if you offer well under asking price, you may end up needing to make offers on several properties before you find a seller who will accept your price.

Negotiate Credits and Closing Costs

When negotiating the purchase price of the home, you may ask for credits to repair or replace items that the home inspector noted, such as a new roof or water heater. You can also negotiate with the seller on having them pay for the closing costs associated with the sale.

Get the Paperwork for Mechanicals

Make sure to ask the seller for documentation for any mechanical or other significant updates made to the house. That way, if something breaks, you’ll know if it’s covered under warranty and who to contact to repair it.

Do a Final Walk-through

The day you sign the closing documents, do a final walk-through of the condo before you purchase it. Now that the carpets and furniture have been removed, you will be able to see if there are any areas that need to be repaired. Doing a final walk-through can help avoid any unpleasant surprises when you arrive home for the first time.

Buying a home often requires patience, flexibility and the ability to see the potential. Our team of realtors have more than 15 years of experience in the industry, so, if you’re looking to sell or buy a condo, contact a Vondos agent today!