Six Tips for Condo Buyers

Before You Buy A Condominium

We have compiled six helpful tips to consider before you buy a condo that will save you time, headaches, and money.

1. Get Pre-Approved - It’s vital that you know exactly how much you can afford, before you go out touring and find the condo of your dreams, only to learn that it is out of reach financially. Getting pre-approved can seem daunting, but we can put you in contact with a trusted lender to guide you through the process and get you pre-approved so you can act quickly when the "perfect" condominium hits the market.
2. Think Resale - Keep in mind that the typical length of ownership is 5 to 7 years due to the mobility of the U.S. economy. When you are deciding which condominium to purchase consider how easy it would be to sell to the next buyer. Condos that don’t include garage parking or those that back to a busy street are less desirable and sell for less money.
3. Learn About Condo Association – There are many wonderful benefits and conveniences to condo living, however there are also important rules and regulations that you want to know about before purchasing. For instance, some associations do not allow rentals in the building, others have pet restrictions. If you are buying a 2nd floor condo, will you be required to cover wood floors with area rugs? What about bike storage? Is the association professionally managed? Don’t worry; this is where we can help. We will guide you through the process so you can be confident with your decision.
4. Don’t Wait – Too often we have seen a buyer fall in love with a property, wait a few days to make a decision, only to learn that another buyer’s offer was accepted the day before. Also, inventory is lower than it has been for the last few years so many properties are selling quickly due to high demand. If you love the condo, don’t wait for someone else to live in YOUR home – be prepared to write an offer.
5. Compare Sales – To determine the best price to offer or to know if the seller has fairly priced their property, look at the recent sales for similar condos, called “comparable sales”. Comparable sales are recent sales of condominiums that compare closely to the one you are looking to purchase, usually sold in the last few months. Specifically, you want to compare prices of condos that are similar in square footage, have the same number of bedrooms and baths, garage spaces, etc. We can assist you; we prepare a Buyer’s Market Analysis for our clients so they are educated on property values prior to writing an offer.
6. Aesthetics Can Be Changed - paint colors and wallpaper, light fixtures, flooring, and window treatments can all be changed. Don’t let the dark purple bedroom paint turn you off your potential dream home. Think of how much fun it will be to make a home YOURS! We can provide you with a list of handymen, contractors, interior design consultants to assist you in personalizing your new home.

We specialize in selling condos throughout the metro St. Louis area. Give us a call at 314.414.0080 or fill out the "Get In Touch" form to schedule a buyer consultation. Thank you!