Property Finder: 10 Best Ways to Find Your Dream Condo

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Property Finder: 10 Best Ways to Find Your Dream Condo

A condominium provides a perfect balance for owning a home with less work. You’ll pay dues to a homeowner’s association, so landscaping and certain repairs are major things you won’t have to worry about.

Using an online property finder website to locate the perfect condo in your city may give you a good overview of what’s available in your area. A highly-qualified real estate agent can be an even better help to you as a property finder.

The following tips will help you find your dream condo, whether you do it alone or with help from some form of property finder. 

For a larger comprehensive guide on buying a condo, check out our resource here.

 

Check Out the Market

First, scope out the local market to get an idea of what types of condos are available, and in what price range. Nationwide, condo prices have fallen about 25% since 2005.

That’s good news for you when you’re buying, but if you plan on selling in the future, it could be an issue.

 

Go for Long-Term Vs. Short-Term Needs

Of course, seeing your condo as an investment in the future doesn’t mean you should sacrifice the things you want and need now.

But, it’s important to make sure your condo will fit your ideas for the future, like a growing family.

 

Examine the Neighborhood

If you plan on starting a family or even enjoying your local sights yourself, your condo’s community is important.

Online property finder websites and your real estate agent can help you decide if a neighborhood is a good choice, but you should also do some exploring for yourself.

 

Get Pre-approved

A pre-approval letter from a loan officer will consider your income and assets to come up with an approved amount you can spend on your condo.

This helps you narrow down your property finder search, so you don’t get in over your head.

 

Stick to Your Budget

Homeowner’s association dues are part of your monthly cost for a condo, which typically ranges between $200 and $400 alone. This makes it even more important for you to not budge with your budget.

Stick to what’s on your preapproval letter and what you feel comfortable paying each month.

 

Research the Developer

Not all condo developers are equal. Some may quickly pump out a building that looks beautiful, but may not be as high-quality as you think.

Don’t be afraid to ask your real estate agent about the developer information and portfolio

 

It’s a Home First; Investment Second

You’re buying a condo for a home, not an investment property, so treat it like a home. As you search, think of what you need in a home first, before you begin thinking of the condo’s ability to be resold.

 

Search Outside of Your Comfort Zone

You may think you know what you need in a condo, but you may also surprise yourself by liking things you didn’t know you’d like.

Sometimes, real estate agents show clients properties that don’t meet their needs, and the client falls in love with something completely different.

 

Get It Inspected

Regardless of how perfect a condo looks, it needs to be inspected. This is a big investment, and you don’t want any surprises after you’ve spent your money.

 

Talk to Other Condo Owners

If you found a contender in your property finder search, talk to other residents. Ask them what they love, and don’t love, about the property, association fees, neighborhood, and their neighbors.

You may be surprised about what they think, either in a positive or negative way, but their answers can certainly help you decide on a piece of property.

If the condo looks great, but other owners aren’t thrilled with their experiences, it may be time to look elsewhere.