Buying your first property is always an exciting feeling. However, it is important not to get too excited and make a decision you will regret later. Whether you are looking at condos for sale in Mississauga or a unit in any other major city, considering the opportunity properly is significant. Many different factors can influence the purchase in different ways.
Also, first-time buyers are often very young and will be looking for a place to call home. Careers may not have developed fully at the time of the first property purchase. So, it is important to not stress yourself out too much in terms of budget. You want to buy a condo that leaves plenty of room for your other expenses. Here’s what you need to know:
Location Is the Most Important Factor
Regardless of which city you are buying your first property in, location will be the most important factor. First-time buyers should never think of their first property as a place to grow old. It is a stepping stone that will eventually lead to the dream property. So, keeping in mind the reselling aspect, location should never be a compromise. The property should be located in a nice neighborhood with easy access to local transport, shopping malls, and other important parts of the city. Also, selecting the right location will depend on where you work or study as well.
Assess the Size and Number of Rooms Requirement
The size of the property is always an important consideration. How many rooms are in the property will play a vital role in providing comfortable living for every member of the family. So, depending on the size of your family, make sure to consider the right properties. Also, it is always a good idea to future-proof your property-buying decision. If you can afford it, buy a unit with an additional room or two. It will be helpful if and when your family size increases. However, make sure that the payment requirements don’t stress your budget out too much.
Inspect the Condo to Identify Problems and Their Solutions
One of the most common mistakes many first-time buyers make is to get too excited when purchasing their first condo property. This results in overlooking many possible problems in the property. However, it is paramount to properly inspect the property and find out any possible issues with it. Look at plumbing, landscaping, under-floor areas, basements, and everywhere else in great detail. Identify any possible problems and get an estimate to find out how much you will have to spend to fix them. Also, consider any immediate modifications or extensions you might have to do after buying the condo.
Research the Market to Get an Idea About the Best Price
Any property that you look at must be priced right. Properties priced too high will never be a good purchase. Also, properties priced too low will likely have underlying problems. So, research well to learn more about the price of the property before bidding on it. Look at the very recent property sales in the very close neighborhood. Ideally, you want to look at properties sold in the past couple of months in the same block, on the same road, and even in the same building where possible. This should give you a realistic idea about the price of the property.
Make a Firm Offer
Having found the property’s realistic price, it is time to make your offer. Also, it is important to make a firm offer instead of wasting time negotiating too much. Make a firm offer and stick to it. Also, be ready to face tough competition for nicer properties. Whether you are interested in condos for sale in Scarborough or any other major city, competition is stiff these days. Working with a professional real estate agent is always a great idea in any major city.
Get the Downpayment Deposit Ready
A downpayment deposit is a major part of any property purchase. Also, it is not necessarily a fixed amount. When the deal is finalized, many move-in-ready properties will need a 20% downpayment. Also, pre-construction condos usually require a minimum 5% deposit. So, find out how much down payment you will need. The quicker you have the downpayment ready, the faster you will get the possession and the deal in your favor. Also, downpayment unavailability is a major reason people lose out on many good opportunities.
Getting a Pre-Approval Status Puts You Ahead
First-time buyers will almost certainly need a mortgage plan. Also, buyers will not know how much the bank or financial institution is willing to lend until they apply for a mortgage. Also, it is very common to search for a property that you will not qualify for. So, to avoid this time wastage, get a pre-approved status for your mortgage. Also, a pre-approved status is something sellers rate very highly. It tells them the readiness of the buyer, putting them at the head of the bidder’s queue. All you need to do is visit your bank and spend a few minutes to get pre-approved.
And Finally
Buying your first condo property should always be an informed decision. So, make sure to research the market and invest in a property that suits your personal preferences best. The size and location are important factors along with the condition of the property. Make a firm offer and get pre-approved to speed up the buying process. Additionally, working with a professional real estate agent can safeguard your decision. Arrange the downpayment to become a property owner in a big city quickly.
