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Condo fees make up a significant percentage of the expenses associated with owning a condo. There are many benefits to buying something in the pre-construction phase. The answers to these questions will help you decide whether you should even make an offer in the first place or bail on the sale once you get all the facts. Buying a pre-construction condo is a little different than buying a resale condominium. Before you make an offer to buy a condo, ensure you have looked at many different properties and are truly choosing the condo that is best for you. These are the main reasons that make buying a condo for investment a smart decision. Buy Resale HDB Flat. Buying a condo that hasn’t been built or completed yet certainly has its perks, but make sure the build time suits your needs. If your condo has a magnificent view of the ski resort, but there’s a large tract of vacant land between you and the peaks, it’s worth looking into what might be built there. Checklist for Buying a New Condominium. Getting a good deal on a condo doesn’t have to include market timing and pre-sale speculation. Having an understanding of how to prepare for the buyers home inspection is super valuable! Make Wise Decisions Even if you’ve always dreamed of having granite countertops or an amazing loft with wood beams, do not get carried away because they come at an extra cost but will not necessarily fetch you higher rent. First, you need to figure out what you can afford and how much of a mortgage you’ll need. If that's the case, the Ontario government has a new Residential Condominium Buyers' Guide to help condo buyers make an informed choice. Buying a home without a real estate agent can save you money on commissions and allow you to shop on your own timeline. Anyone can buy a Destin or 30A condo as an investment rental, but not everyone can find a profitable condo rental. Smart tips to make buying a condo easier. It is important to keep in mind that buying a condo in NYC means you are purchasing real property versus shares of a corporation, which is the case if you are buying a coop in NYC. After all, buying a new home is exciting! Those fees cover the cost of upkeep for any common areas. When you buy a home without a real estate agent, the first thing you’ll need to do is get preapproved. You will need to make a down payment on your mortgage of between 3-and-20 percent, depending on the lender. And condos can be more difficult to get financing for. 2. Step 1: Apply For A Mortgage. Make smart decisions and do not think emotionally. Location, location, location. In this article, we get down to brass tacks. Can only buy after 30 months of selling the condo: Can buy anytime, just need to sell the condo within 6 months of the purchase: May need to rent during the wait: Can control the timelines a lot more to avoid having to rent Making a good investment takes some effort. If you will need to move in right away or are in a bind to find a new place, a pre-construction condo probably won’t be the best decision for you. Every HOA Comes with a Recurring Fee. But, if you are buying as an investment, you will need to be more selective. Then locate an in-state realtor who specializes in condo sales. Five days before closing, I had to walk away from the deal. If you are buying a beachfront condo for the sand and surf, it's hard to go wrong. Similarly, lower prices and a depressed economy indicate that it is a good time to buy. Condos make good investments in the right situation, but it’s important to know what you’re getting into before you sign a purchase contract. Appreciation and, two, access to conveniences condo allows you to wade into homeownership without plunging into the of... Space inside the condominium and a depressed economy indicate that it is a good deal on a condo ask... 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