Purchasing a condo may be complicated, with numerous moving components. To make the buying experience a lot easier, here are 12 things to avoid when buying a condo. The time is now to invest into Fort Lauderdale real estate.
1. Keep Renting, It’s Cheaper: Right now, the expense of renting is greater than the cost of homeownership at these incredible rates and interest rates. Not to mention that rents have been on a general increase of 3% per year, so a $1,000 rent in today’s dollars would be $1,344 ten years from now. You’ll also lose out on all of the mortgage interest deductions, which could save you thousands of dollars. This is one of the major things to avoid when buying a condo.
2. Don’t Wait for Prices to Fall: You might be asking yourself, “What if prices continue to fall? What then?” The sad truth is that you can’t prevent this from happening. But don’t worry; I’m here to help. You see, no matter how hard you try, interest rates aren’t going down anytime soon. Even if prices were to drop slightly in the next year, this would be a short-term “bonus”.
3. Do Not Wait for Rates to Get Lower: They may, but since I’ve been in the business, these are the lowest prices they’ve ever been. The federal government has implemented policies to keep inflation at bay and artificially lowered interest rates.
4. But It’s Not My Dream Home: Your ideal house will constantly be changing. What works right now won’t work for you in the future. Your pay may go up or down; your standards, too. Why not take advantage of this chance to create a stepping stone to your ideal house tomorrow?
5. Bad Timing: Don’t let your fears get in the way of all of the amazing opportunities that are within your grasp. Imagine how many people are scared even to start their own businesses or take a chance on something new, when in reality, they should be taking advantage of all of the opportunities available today.
6. I Love It, But I Need to See More: When is enough never enough? Don’t wait if you know exactly what your needs and desires are and your instincts tell you this is the “the one.
7. I’m Looking for a Steal of a Deal: Isn’t it all the same to us? The fact is, if it’s priced reasonably, another buyer will see the value and may just snap it up while you continue to “play not to lose” rather than “play to win.”
8. I Can Save Money by Buying a For Sale by Owner: When it comes to for-sale-by-owners, they won’t be priced lower simply because an agent hasn’t represented them. I’ve seen many individuals purchase a for-sale-by-owner property without consulting a Realtor and pay considerably more than market value for the house.
9. I’m Having Cold Feet: We handle this all the time — it’s known as buyer’s remorse. Once you’re under contract for a house, stop looking. Was I too picky? Was the home overpriced? Will something better come on the market? My advice is to take a deep breath and recall why you fell in love with the property in the first place.
10. I’m Going to use my Divorce Attorney to Handle My Real Estate Transaction: Attorneys are generally specialists in their own fields and seldom enter into areas of law outside of their specialty. Choose an attorney that is a real estate lawyer rather than a divorce or litigation lawyer, for example. You wouldn’t want to go to your dentist for open-heart surgery, after all!
11. Why Do I Need to Pay for An Inspection?: There are a few instances when having a property inspection does not make much sense, although I believe they are worthwhile most of the time. In fact, not only will they help you save money in the long run, but they’ll also teach you about the ins and outs of how to maintain a house.
12. Your Eyes Are Bigger Than Your Belly: Lending standards continue to develop. Some lenders enable you to go beyond your logical comfort zone, so keep an eye on it. Attempt to meet as many of your essential and desired items as possible, but don’t do it if it makes you ill every time the bills come in. It isn’t worth enduring constant financial strain.
Now that you understand the things to avoid when buying a condo, who you work with matters. Hire a condo expert like DOTOLI Group to help you buy or sell your next condo purchase. For more info call us at 954.799.6403 or email Info@DotoliGroup.com
