Advantages of Investing a Condominium
Some people like to live within a condominium environment, while some eventually realize that they would be more satisfied and happier with a bit more freedom and privacy. If you’re still contemplating whether to hire a condominium unit, check out the list of the benefits you can experience in buying a condo according to expert real estate agent this also gives way to connections that you may need for your investment like a mortgage broker. Moreover, you also need to have your documents notarized by the trusted notary services VC.
Usually, condos are priced lower compared to single-family houses. Based on the data of NAR, a single-family home’s average selling price lingered around 260,000 dollars as of 2018. On the other hand, condominiums have lower average selling prices according to them. The asking price can be intensely lower compared to a single-family house depending on the community and region. Hence, if you would like to own a property but your budget is still limited, having a condominium unit can be a great start.
Most condo communities give residents several amenities that most normal homeowner can’t easily access. In such a community, you can find clubhouses, game night hubs, fitness centers, and even a pool. Apart from that, such amenities can make it simpler to establish relationships and get to know more with your neighbors. This can be a benefit for you especially if you love to socialize or you live alone.
Proximity to city life
A lot of condominiums are positioned near vibrant downtown areas, which can be enticing for several reasons.
First of all, living close to your workplace can help you save thousands of dollars every year in car maintenance and fuel costs. This is also made possible since other people can just take public transportation, commute by bike, or able to walk to their job. Also, living downtown implies that it’s a lot easier to go shopping, visit restaurants, and attend live shows.
Most condominiums today provide security professionals, locked or gated entries, or even doorkeepers for residents. When security is your major concern since you live alone, for instance, this can help you be assured since it might minimize the danger of house break-ins. Aside from that, you’ll be living near to several other people. Because of this, you will get a lot of people to ask for help in case of an emergency.
If you live in a condominium, other people will be doing the maintenance for you. You can hire their reputable cleaning service provider who can shovel the snow, repair your roof, maintain your yard, and cut the grass for you. Either if it’s your first time owning a house, you usually travel, busy with work, you’re not in great condition, or you just refuse to do all the needed chores, then you can highly benefit from this.
In the previous years, condominiums are usually appreciated at a slower rate if compared to single-family homes since the latter are more enticing for families with many members. Most importantly, you obtain land if you purchase your own home and remember that land is a major appreciation factor.
Important Factors to Consider in Selecting a House
Perhaps the major purchase and investment that most of us have are our homes. So, it’s vital to choose one carefully. However, how can you successfully choose the best home for you? Here are the following things that you need to consider:
Before you even decide to look for a property, you should always be mindful of how much you’re willing to consume and what you can afford. Never purchase an expensive house that you can’t afford. Try calculating all the costs and consider how these can impact your finances. Then, agree on a price range and stick to this decision. If you want guidance on this, contact a mortgage broker or a certified loan signing agent in VC if you’re planning to get a loan for this endeavor.
Self-search or hire a property agent
You can check some property websites if you want a convenient and easy way to hunt for available homes near you. With just a swipe, you’ll be able to look for, compared, and contact the landlords and property owners directly to ask regarding the different listings.
Amenities and facilities
Think about the surrounding amenities and facilities before considering to invest in a house. Search for supermarkets, shopping malls, ATMs, and hospitals near your location. Having access to these places within your area would make it simpler for you in case you want to shop for daily necessities. Some places to consider would be the schools you can find within the area.
Needs of your family
Before you look for a house to buy, come up with a list of what you and your household members would need from a house to stay. Ask a few questions such as how many rooms are required? Do you need a big garage for your vehicle? Or are you planning to remodel it in the future? As soon as you determine the answers to these questions, it can assist you in narrowing your search down and start searching for homes that fit your needs.
A lot of people use property agents and mortgage specialist, who help them in facilitating the sales transaction of every property. Since qualified property agents are knowledgeable when it comes to the property market, they can surely aid you in making more informed decisions. Although, there are a few commissions that require payment to your chosen real estate agent.
Accessibility and location
These factors are among the major factors in renting or buying a home. Though some may like to love near MRT stations or close to the city, some love being in a serene and private neighborhood. Regardless of which you want, keep in mind that both options come with different setbacks.
For instance, a home within the heart of the city can make traveling fast and convenient. However, units within that area are basically more costly as well. On the contrary, if you live in the suburbs, it will definitely be less expensive and quieter. However, traveling from this place to the city would take you some time to arrive.
Common Mistakes Done by First-Time Property Buyers
Most likely, first-time home buyers miss a vital opportunity or miscalculate finances as they purchase a house. Those are only some of the common mistakes done by first-time homebuyers. In this article, we will discuss to you these mistakes and how to prevent this as much as possible:
Skipping the inspection
Regardless of how wonderful your dream home is, you should never forget to get a professional home inspection, who’s basically a neutral 3rd party. Make sure to determine the details about everything from the foundation’s condition to the pipe’s age. Also, see to it that the property itself is in quality condition and prepared to be your new house.
Miscalculating your monthly expenses
You should estimate the amount of money you expect to pay monthly after you purchase the house. This includes utilities, property taxes, and mortgage all packed in one. If you’re in an HOA, there’ll also be neighborhood fees and membership dues.
Foregoing on incentives
There are several accessible financial incentives that are intended to help first-time property owners to finish the entire process. Even if you do not require an incentive to have a house, you should still take them. Accept discounts, and save money, and make the most of the opportunities intended to assist first-time property buyers like you.
Attempting to spend all the money you saved
It may be tempting to purchase as soon as your savings can support the purchase. However, you need to wait a bit longer. Never use up all the money you’ve saved solely on your home. Commonly, home purchases come with surprise and additional expenses. Moreover, you have to pay for improvements and repairs as soon as the property is yours
Failing to audit your credit score
Applying for a mortgage will be particular with your credit score. However, credit scores can be incorrect. To guarantee that incorrect billings, purged files, or old debts aren’t artificially lowering your score, this will enable you to meet the requirements for a greater mortgage.
Selecting a house prior to securing a mortgage
The housing market is massive and your home selections differ each month. Homes potentially fly on and off the market in other areas, while others remain for years. But looking for your dream home won’t mean anything if your mortgage is not prepared to go. Until you’ve acquired a pre-approved loan, you cannot make a bid.
Underestimating closing costs
Apart from the cost of the processing and your home, closing costs are added cost you should consider. Closing costs cover the title change, court fillings, lawyer fees, final paperwork, and more. You will be required to get the remaining modest funds after purchasing a home to cover your closing costs.
Are you prepared to purchase a home today? If so, we highly recommend you discuss with an expert mortgage broker or a local loan officer, who can help you with VC reverse mortgages or other important procedures for a more cost-effective and easier endeavor.