Purchasing a condo requires buyers to keep certain additional considerations in mind throughout the search process. Today I’d like to list three tips to help you find the right property for your present and future needs.
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1. Understand your mortgage financing options up front. Many buyers believe that the pre-approval process is simply a formality they go through. They think the whole ordeal is just another way for agents to show them homes. But this isn’t the case. The pre-approval process is critical to your success as a buyer. While it is important to be able to demonstrate to a seller your financial qualifications, it’s equally important to understand how your choice of a condo association will impact your ability to get a loan. Your mortgage company will be underwriting aspects of the association’s financial stipulations as well as your own financial qualifications. There are a number of additional questions to consider when using a loan to purchase a condo. For example: Does your lender have restrictions on certain condo associations? Or does your loan type restrict your choices? Knowing the answers to these questions will make your search much easier.
The property you choose as your next home must work well with not only your current lifestyle, but also your plans for years to come.”
2. Know the market dynamics for your specific situation. You’ve probably heard how common bidding wars are in today’s market, but did you know that some segments of our Downtown Chicago market are favoring buyers? Don’t let national or city-wide statistics fool you. You may have more leverage in our market than you think.
3. Consider how a condo fits your current and future needs. The property you choose as your next home must work well with not only your current lifestyle, but also your plans for years to come. Ask yourself whether you plan to retire in your new home or if you plan to sell just five years down the line? If your condo purchase is a forever home, you may be more comfortable with a higher percentage of owner-occupied units. But if you plan to move on, you might be interested in a building that will allow you to convert the property into a source of rental income when you move on.
If you have any other questions, would like more information, or want to discuss how I can help you search for your next home, feel free to give me a call or send me an email. I look forward to hearing from you soon.