Condos continue to be the fastest growing properties across the world. The average prices are below the townhouses and single-family homes. Most buyers like prioritizing the convenience and central location that is associated with the condo ownership. Other considerations include amenities, square footage, and affordability. The following are some top tips to help you buy the right condo this year.
Start the Pre-Approval Process
The good thing with a pre-approval is that it can strengthen your case. This is because it proves to the sellers that you have qualified for a mortgage loan. In this competitive industry, a pre-approval means the difference between losing and winning a bidding war. Buyers with an offer without a pre-approval may have to ask a higher price. You can avoid this mistake by getting a pre-approval.
Set Up an Alert
In a competitive market, good deals sell fast. Ensure you are up to date on the new listings. Ensure you see the listing before buying. The property alerts send you homes that are listed on the market by real estate brokers or agencies. This allows you to filter by location, price, and other buying criteria.
Look for a Mortgage
With the high interest rates, buyers can shop around for best terms before signing the contract. You should not be fooled into believing that your bank must offer the mortgage because you have a good credit history. It is a good idea to compare different loan quotes from multiple lenders to ensure you get the best terms and interest rates. You can also seek the services of a mortgage broker who will do the tough task to help you find the best deals.
Comparative Market Analysis
Before you submit an offer, you should do a comparative market analysis to get a fair market value. The CMAs are offered for free by the most real estate brokers. Also, you should consider the market trends and building characteristics.
Monitor the Rental Market
There will come a time you want to move to a single family house. You may want to sell the condo or leverage it to buy a family home. Unfortunately, it makes sense to rent your condo out. This will provide you with a passive income. Thus, you should monitor the rental market when buying a condo.
Look for Deals
When the market is competitive, you should take additional steps to find top deals. You should try to sign up for the investor’s mailing list and check properties that suit your needs.