First-Time Condo Purchasing Tips
Posted on: February 23, 2016 by Signature Insurance Group
Purchasing your first condo is an exciting time. While the end result is undoubtedly rewarding, the stress of checking your credit, obtaining a loan, house hunting and the like are no easy tasks. Therefore, follow these simple tips for purchasing a condominium and protect your new home with a comprehensive SoCal Condo Insurance program.
Weigh the Options
While the process of purchasing a home might be similar, condo shopping varies greatly from a traditional home sale. Naturally, buyers should weigh the pros and cons of the condo before purchasing. These include asking yourself if the place meets your needs, has enough space, and accommodates your lifestyle. Will the close proximity of neighbors bother you? Can you manage the association fees? This is especially important- these can run a couple hundred dollars per month so find out how much they will cost before signing on the dotted line.
Hire a Real Estate Agent
In addition to the standard sales contract, an extra agreement is required for a condo purchase that typically states the buyer will follow the conduct, regulations, and requirements of the community. An expert who knows the market can help break down these contracts and explain them to you in detail, plus they can negotiate a fair price on your behalf.
Loans & Financing
Make sure to find a financer that supports condo loans. To make matters easier, it is recommended that you get pre-approved for a loan before starting to house hunt. Rochester Real Estate also recommends that if you intend to use a loan dispersed by the Federal Housing Administration (FHA) that you ensure the community is on their approved list.
At Signature Insurance Group, we want to ensure the safety of your hard earned investment. Our comprehensive condominium insurance packages are written specifically with you in mind and cover a variety of risk exposures. For more information, contact us today at (855) 972-9437.