Condos are generally more affordable than single-family homes.
In tough economic times, fewer people can afford to buy homes than in times of prosperity. Buying a condominium is the right choice for some people, since it provides ownership and a place to live with a lower cost than buying a single-family residence. Condominiums, called “condos” for short, are similar to apartment complexes in look, in the sense that there are many units in one complex, with community areas such as walkways, gardens and pools. The difference with condominiums is that homeowners actually own their specific unit. Condominium ownership entails owning one specific unit and everything inside its walls, but not the outside yard, like you would with a single-family home. If you want to buy a condo, it’s essential to find the right one, one that will suit your family’s needs without breaking the bank.
1．Build up your team of the right real estate professionals so that you’re prepared when you find a condo that you want to buy. You can find a beautiful condo in the perfect location, but if you don’t know what you can afford financially, it would be a waste of time. Consider hiring a real estate agent to help you find the right condo. The National Association of Realtors explains that the job of a real estate agent, acting as a buyer’s agent is to help you find homes that you may otherwise not have seen on your own, to help you submit an offer to purchase, to negotiate the price and terms that you want and to make sure that everything goes as smoothly as possible from acceptance to closing. Meet with a trusted lender to find out how much of a loan you qualify for and therefore, what type of condo you can buy. The lender will ask you for important financial documents like your W2s and tax returns and will be able to preapprove you for a loan so that you have purchasing power when the right condo comes along.
2． Decide on the specific amenities, condo characteristics and location that are important to you. If you are not the only one making the decision, sit down with your family and discuss what’s important to each individual. Come up with a few different neighborhoods that you would feel comfortable living in and write down what you need in a condo to be happy. You may write down “pool” if you love to swim, “ground floor unit” if you have knee problems or “patio” if you love to barbecue. Give this list of amenities to your real estate agent if you are working with one so that she can help you find a condo that meets your requirements.
3． Ask your real estate agent for recommendations on local condos. Working full time in the real estate field, your agent should already know if several different condominium complexes in your area and their characteristics. Ask to see a few different units that are for sale. Research condominium complexes in your area online, at websites such as Zillow or Trulia. While real estate agents can be an excellent source to find houses, you may also find something you like and want your real estate agent to show you, just by looking online.
4． Obtain copies of important documents from the various condo’s homeowner’s associations before making any offer to purchase. The financial website Bank Rate explains that in order to own a unit in a condominium, you have to pay a monthly maintenance fee to the homeowner’s association (HOA). Homeowner’s associations also also impose rules on all of the homeowners who live in the unit. By reading the Covenants, Conditions and Restrictions (CC&Rs) as well as the minutes from a few of the previous monthly HOA meetings, you will be able to understand their specific rules. You may not be allowed to paint any walls, hang items like hanging plants on the balcony or even have pets. Read through the documents and compare the rules for several different condo complexes. When you’ve found one that you’d like to live in, can afford and are comfortable with the rules of, you are ready to make an offer.
We have many properties in our inventory that we help manage. Contact us and we will assist you to get the best deal suitable for your needs.
WORLD TRADE REALTY
Trust – Care – Respect – Reputation
Address: 09 Nguyen Huu Canh Street, Ward 19, Binh Thanh District, Ho Chi Minh City
Hotline: 0931 999 268