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The Condo Buying Process

Condo Buying ProcessOne of the most exciting times for anyone is when they’re ready to buy their first house. To avoid getting the short end of the stick in your deal, make sure you know what you’re doing before you purchase. Take time to do some really detailed research on any real estate broker you are thinking of working with, and the same goes for just about any mortgage broker or legal firm you may need for assistance with your financing and contracts. These generally are only a few of the invaluable research strategies that ensure a first time buyer does not become a victim.


Don’t attempt to time the market, or at least do not waste all of your energy on it. It’s very challenging to determine exactly what the market will do in almost any given period. So buy when you find the right real estate and a price you can afford. Condo is a repetitive business in that it goes up, it goes down, and then it goes up again.


People who purchase real estate on emotion and sight alone usually end up regretting their decision. The heart isn’t concerned about money matters and that could affect your wallet. Instincts and emotions are two very different things. Following your instincts instead of your emotions will help you make the right decisions.


When you’re shopping for real estate, make sure that you know what is in store for you. Although you could build equity in your home, in certain cases, it will eventually take a lot of time, energy and money to maintain your investment. It could be expensive if unexpected repairs crop up, as you will be the one responsible. By having a savings account, you can smartly reserve funds for unforeseen costs.


Your loan company will need to appraise your real estate prior to you can get a loan. This way the bank could determine if the real estate is worth what you’ve said you’d purchase it for. Separately, try and hire your own real estate inspector. This inspector could inform you of potential problems that could approach you down the road. This could be invaluable when making the decision to purchase a home.


Between three and six months prior to purchasing real estate, it isn’t recommended to make any enormous purchases or move your money around. Your credit profile is important, so do not take chances. Reliability and a clear paper trail will set lender’s at ease and enable you to get the best loan possible. When you apply for more credit cards, increase your debt load or make large purchases, you look riskier and risk not getting approved.