Thinking Through The Basics Of Buying A Condo
When thinking about buying a Condo it’s crucial to think everything through. Let’s start with the basics.
Why are you buying a Condo?
Investing in home ownership is a full-time commitment, not to mention an expensive one. It’s important to ensure that the motives behind it are sustainable. Are you just buying a Condo because suddenly everyone your age is looking to buy one? Or is it an investment or vacation home?
A couple of things to consider are, whether you are ready to settle down or make a good investment. If yes, then the benefits of buying a Condo would be a commitment that you are probably ready to make.
Another scenario to consider is if you travel to a place often, e.g. every summer you visit the beach, will it save you money to buy your own Condo in the long run, as compared to hotel fare or renting?
Even if you are ready to settle down, but you know that you will only be in a location for a couple of years, it’s prudent to do an analysis of whether renting or buying one will save you money.
Once you’ve made up your mind to buy a Condo, you need to list out exactly what you need in it.
Make a list – Narrow down the Neighborhood
Are you looking for a condo with certain amenities, or a Condo in a specific neighborhood like the Splash Condos in Panama City Beach? Is there a specific thing you want to be near? Such as the beach, downtown, your office, a school?
Would you rather have a big garage, or a Condo closer to public transport? Do you want a more suburban setting or in the middle of the city?
What about the Condo itself? How many bedrooms do you need? What is the style of Condo that you are interested in? Are you open to fixer-uppers? Or are you looking for something special?
Once you pick out a neighborhood, it’s time to dig a little deeper into the statistics of it.
Make sure you know your neighborhood. What school district is the neighborhood in?
You may not think about school districts if you don’t have children, but such things can make a difference in the market value of the Condo, always keep that in mind.
Look for instances of crimes and theft in your desired area. Safety should be top of the list if your planning to settle down and build a life in a place. Looking into its history would help you understand if your choice is viable in the long run.
Look into traffic, and noise patterns.
Drive by the neighborhood a couple of times a week and stop to see the traffic patterns of the area as well as the noise level. It may be a small deal for some people, but the repetitive noise of motor vehicles or traffic becomes a serious issue for some. This issue may also impact the resale value of the Condo.
Look for an agent and begin the hunt!
Once the right motives are in place, it’s time you start the search actively. Even though it is possible to search through thousands of listings yourself and use your mileage and gas to go to each open Condo. An easier and more reliable way would be to hire an agent. When you hire an agent, it makes your life easier and saves you a lot of time, plus, agents usually are aware of Condos that are not yet on the market, but soon will be.
They not only save you time but usually are also able to get you better deals as they can negotiate the asking price of a Condo. To sell a condo the owner can ask whatever they deem fit as the price. However, if you have knowledge of similar Condos in the same location you can ensure that you don’t overpay, here an experienced Realtor can save thousands of dollars.