10 Mistakes to Avoid When Buying a Condo

It can be daunting to buy a condo. There are so many moving parts. Here are 10 things to avoid in order to make the condo-buying process easier.

  1. Keep Renting, It’s cheaper

Renting is more expensive than homeownership at these incredible prices and interest rates. Rents increase on average by at most 3 percent per annum. A $1,000 rent today would cost $1,344 in ten year. You will also miss out on the mortgage interest deductions which can save you hundreds of dollars.

  1. Wait for prices to fall more

You can bet that prices are starting to rebound. Even if they weren’t, it’s likely that interest rates will rise, meaning the mortgage payment could be higher even if prices fall a bit.

  1. Do not wait for rates to drop

Although they could, in my 34 years of selling real property, these are the lowest prices I’ve seen. To avoid inflation, the federal government has artificially driven down interest rates and put downward pressure on consumer prices. This is about to change.

  1. You Can’t Buy Your Dream Home.

Your dream home will change constantly. You won’t find the same thing that works for you today as it will in the future. Your standards will change as well as your income. Take advantage of this opportunity to get a foothold to your dream home tomorrow.

  1. You can decide that the economy is too scary

Stop watching NBC and CNN, and stop listening to all the doomsday preachers who report on the economic news. They claim to have the perfect plan, but they are mostly full of hype. Keep an eye on the economy but keep in mind that everything is cyclical and that we are currently heading in a new direction.

  1. It’s a wonderful home, but I want to see more.

What is enough? You might lose out if you don’t get clear about your needs and desires.

  1. It’s a good deal, but I would like a steal.

We all do, don’t we? It’s a fact that if the price is right, another buyer may also appreciate its value. You can continue to “play not lose” and “play to win”,

  1. Buying direct from a For Sale-by-Owner will Save You Money

For-sale by-owners are not going to be less expensive simply because they don’t have an agent. Many people have purchased a property for sale by owner without consulting an agent and paid far more than the market value.

  1. I Have Cold Feet and I Want to Get Out

This is a common problem that we deal with – it’s called buyer’s remorse. Did I view enough homes? Was my price too high? Is there something better on the market? Stop looking once you have a contract in place for a home. I suggest that you take a deep breath and remember why it was that you fell in love.

  1. The Radon Test: Backing Out

Radon is found in nature. Virtually every home, and even the outdoors, has some amount of it. The EPA has established some of the most stringent standards for radon in the world. If the radon levels are higher than the EPA guidelines, a mitigation device can be installed. A home where the seller knows the radon levels and has installed a mitigation system to reduce it to almost zero is probably the safest.

This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the https://www.tiffanyhousefortlauderdale.com/. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower,  offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean.

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