I’ve noticed the phrase “buying a condo” in the list of search engine queries leading to my site. I only mentioned it in passing, so the people that find my page probably leave without learning anything. I will now rectify the situation (mainly because I like to use the word rectify).
I didn’t follow all of this advice, but if I did it again, I would. I’ll do my best to answer any questions.
- Get a home inspection. Request in writing that all of the serious or critical issues are fixed, or if they won’t fix them, to lower the price by the amount it would take for the repairs.
- Offer lower than what they’re asking.
- There is no fixed amount for a down payment, but the more you put down initially, the less your monthly mortgage payment will be. Aim for 5 to 10%. It may also earn you a lower interest rate.
- Shop around for mortgage companies. Remember, you could be making monthly payments for 15 to 30 years, so it’s worth the time to get the best rate you can.
- Require everything the realtor says in writing. Many realtors will tell you what you want to hear and forget about their promises later on.
- Make sure your purchase leaves you in a stable financial state.
- Plan for the unexpected (closing costs, miscellaneous fees, water heater replacement etc)
- When you’re negotiating, always be willing to walk away.