It’s true that condos are popular in the city, but they can be very expensive. The average cost of a condo in New York is about $1 million dollars, which means you have to make sure it’s worth your money before buying one.
We all want to find a way to save money and live more frugally, but when it comes to buying a Bukti batok EC condo, there isn’t much room for error. To avoid purchasing something that will end up costing you too much, here are some tips for finding the best possible condo deal.
Find a Realtor
If you don’t know what to look for in a realtor, then you might as well not buy anything at all. Real estate agents are there to help you purchase a property that meets your needs, so if you’re going to hire someone, you should do your homework first. Do some research on the agent, check out their customer reviews online, and read up on them on social media. If they don’t seem reputable, then skip them.
You shouldn’t just hire anyone off of Craigslist or Kijiji either. Make sure that the realtor has professional credentials. A good realtor will have an ID card with their name and picture, as well as their listing number and phone number. They need to have a license from both the state and the federal government.
When you call the realtor, ask how long they’ve been working in real estate. Some realtors may be new in the business, while others have been around longer. It’s important to find someone who has a lot of experience because they understand what type of properties are hot right now. Look for agents who specialize in luxury condos in the area where you’re looking to buy.
Check the Location
The location of the condo matters a great deal. You’ll want to get a sense of whether or not the neighborhood is safe for children and pets and whether or not it has good public transportation nearby. If the building is old and rundown, then you won’t be able to move into it immediately. This could mean that the price of the unit is higher than you expected, since it would only take a few years to fix up the place and sell it.
On the other hand, if the building is modern, then you can expect that it will have less wear and tear. As a result, you can probably get this place for a lower price. If you plan on living in the condo for a couple of years, then you’ll want to look for a newer building with a low vacancy rate. Once you find a building that seems like the perfect fit, then you can start making calls to see if any units are available. Don’t hesitate to bargain with the sellers!
Get Pre-Approval
Once you locate a building that seems promising, try to work with the seller to set up a pre-approval. This will give you a certain amount of money to put down before you actually buy the condo. This is especially useful if you’re planning on getting financing. Banks prefer to lend money to qualified buyers who have already proven themselves financially, so it gives them a little extra assurance that you’ll pay back the loan in full.
In addition, you’ll get a chance to look over the condo and decide whether or not it’s ideal for you. You can also negotiate the terms of the mortgage if necessary, such as lowering interest rates and extending the length of time you have to repay the loan.
Look Into Tax Benefits
Depending on your situation, you may qualify for tax benefits when you buy a condo. For example, if you’re moving into a rental property and you’re a renter, then you can deduct many of the expenses associated with renting from your taxes. There are other benefits as well. You might be able to claim a child care deduction if you’re having kids, or you could be eligible for a home office deduction if you use the space to conduct your business activities.
As you can see, there are many different ways that you can save money on your condo purchase. The trick is knowing which ones will work out best for you.
Don’t Pay Cash
While paying cash for a condo can save you a bunch of money, it can also put you in a precarious financial position. Even though you’re paying cash, you still have to borrow money from a bank in order to make the purchase. If you default on the loan after a year or two, then you’ll lose your entire investment, and the bank will likely sue you for damages.
Instead of paying cash, consider borrowing against the equity in your current house. When you put down 20% or 25%, you’ll own the condo outright and you won’t have to worry about getting sued by the bank. Plus, you’ll be able to get a much better mortgage rate.
Compare the Units
After you have several potential locations in mind, you can compare each one to determine which one you think would be the best choice. Some things to keep in mind include:
Location –
Is it close to work? How far is it away from your friends and family?
Maintenance Fees –
Find out what kinds of maintenance fees you’ll be charged every month. Does the management company offer any discounts if you sign up for service plans?
Size –
Are you looking for a large studio apartment or a huge penthouse suite?
Price –
How much does it cost per square foot? Will you be able to afford it? How long does it typically take to sell a similar condo in the same area?
Do Your Homework
There are many factors to consider when buying a condo, including the location, size, maintenance fees, and sales history. But even if you’re willing to spend a lot of money to get the best deal, you should always do your due diligence. Get quotes from multiple realtors, visit the site of each building, and ask questions until you feel comfortable with your decision.
