There are any number of advantages to condo living over that of owning a house. Condominiums can offer lower prices, less maintenance, and smaller square footage (for those not needing a lot of it) when compared to a detached, single-family house. It all, of course, depends on the individual doing the shopping for the home. Are you in the market to purchase a New Jersey condo? Could you use a few tips when it comes to shopping for that condo?
Here is some helpful information, or tips if you will, for those in the market for a New Jersey condo.
Do Yourself a Favor – Get a Good Agent
Working with a real estate agent that is experienced, reputable, and knowledgeable can be a key factor when you’re shopping for a condo, or any other home or property. Particularly if you are a first-time buyer, it’s nice to have someone who knows the ins and outs of real estate. When you’re buying your first condo in New Jersey, finding the right real estate professional can be a big plus.
Got A Loan?
Because there can always be a supply and demand imbalance in the real estate market, it will be helpful if you already have a pre-approved mortgage loan. This applies to both single family house buying and condo buying. Frequently, there are fewer properties than there are buyers to go around.
Especially when the market is in that kind of condition, before you start shopping around, it’s helpful to have your finances pre-arranged. Are you a good candidate for a mortgage loan? How much will you be able to borrow? Knowing the answers to these questions are good first steps when New Jersey condo hunting.
Requirements, Regulations, and Rules
These differ when discussing the purchase of a condo versus that of a single-family home. Relating to the ownership of the unit, you will likely be subject to certain rules and requirements when buying into a condominium project. Some of these can include parking, improvements, decorations, pet ownership, and more. Don’t be caught off guard. Find out everything you can about the condominium project you are considering pertaining requirements and rules. Don’t count on your real estate agent to know that kind of information.
Budgeting Considerations
When you buy a new home, you frequently set up a budget by which you will live. Don’t forget that, when owning a condo, there are going to be costs that go beyond a mortgage. New Jersey condos not only have insurance requirements and property taxes, but association fees, as well. When considering what kind of condo you can afford, you will need to take all of these into consideration. Some fees can be high but, hopefully, you’re getting a lot from the association for those fees. If not… Move along.
Ready to Make an Offer?
If you are ready to make an offer on a condo, make it a strong one and base it on selling prices of recent condo sales. “Comps” can come into play in a big way when you’re talking about real estate. The term refers to comparable sales that apply to properties in the area (in which you’re looking to buy) that are similar and have recently sold.
To help their clients make smart offers and justify listing prices, real estate agents frequently use comparable sales. But by looking in your targeted area at recent condo sales prices, you can do some research on your own.
There are a plethora of amazing neighborhoods to choose from in New Jersey. Try to get a feel for what each of them has to offer before you start shopping. Once you decide on an area, contact an experienced, reputable real estate agent to help you with your search. You never know, they may be privy to some inside information that will lead to the purchase of a fantastic new condo in one of the best parts of New Jersey.
