Considering purchasing a home can be stressful for a first time condo buyer. The process is not so cut and dry as it might seem; buying any home for the first time is a huge milestone. If you know what you’re in for emotionally, it can be a simpler and easier experience. Read on to find out more!
Expect to Compromise
Maybe you have your dream condo lined up in your head, but is that realistic? Maybe you know exactly what you want, but are the listings going to match up with that? Your expectations will be limited by existing condos for sale. A great way to compromise is to write up a list. Put on this list all your ideas of what you absolutely must have. Keep it to five things, crossing off a few to get to that number if you have to. This will help you sort out what you really do want in a home and what your highest priority features are.
Write up another list, and make it full of your wants. Then check out the ones you like. If it doesn’t have your must haves (all of them), cross it out. However, if a condo has everything you truly desire and must have and has some of the features you want, it might be worth considering. Compromising does not automatically mean settling.
Figuring Out Your Finances
At the end of the shopping process, you’re going to have to write out a large check. It is truly going to be a big one. This can really be the largest source of stress and anxiety when it comes to buying a condo. Here’s what to do.
Figure out what amount you’re going to be comfortable paying. Calculate what taxes, insurance dues, and association dues are going to cost you to figure out what you will be able to afford to pay each month. If you get pre-approved, you’ll at least know the upper limit of what you’re going to be able to afford. Keep in mind that while buying a condo you are building equity, which cannot be done with rent.
Know It Will Take Time
Buying a condo isn’t that easy. It takes an incredible amount of time. Searching for a great option to buy may mean dropping plans in an instant if a decent prospect comes on the market so you can go see it. It means researching your condos and going to see them so you can really get a feel for what they’re like. It also means you’re going to be filling out paperwork, talking to lenders, and sending taxes out. The entire process will consume a lot of time– more than you think it will, so be prepared for this.
Be Prepared to Be Tired
At some point, you’re going to be tired. Tired of looking, tired of being responsible, tired of trying to find your dream condo, tired of doing paperwork. If you’re expecting this emotionally, you won’t be surprised when you suddenly find yourself burnt out and mentally throwing up your hands. Relax, take a hot shower or bath, and get a good night’s sleep. Watch your favorite movie. It’s going to be alright.
Being flexible will help you deal with disappointments, offers that didn’t get accepted, or a condo that you wanted being sold to someone else. Be flexible internally and everything that happens won’t get to you as much. When in doubt, consult your agent or talk to someone who’s bought a condo that you know.