Condo-Buying Walkthrough: Finding Good Deals On Condos
Like the purchase of any type of real estate, most condominium unit buyers will be interested in finding a good deal. Buyers can use certain tactics, and might have to make certain comprises, in order to find the best deals.
Location, Location, Location
The old real estate saying, "Location, location, location" holds true for condominiums. The location of the development will have a significant effect on its price. Any Manhattan condominium, for example, is likely to be very expensive. Likewise with certain Boston, Chicago, Los Angeles, Miami or Washington D.C. neighborhoods, where the price per square foot can be in the thousands of dollars. A little flexibility in regards to location can lead to a significantly better deal.
Viewing real estate statistics, including recent and long-term trends, can be beneficial when looking for a good deal. Real estate search websites such as www.trulia.com have a host of tools that provide buyers and sellers with valuable information regarding specific markets and trends. Where prices have been in a downtrend, buyers can expect better deals. If prices have been in an uptrend, sellers will be at the advantage.
Real Estate Professionals
A qualified real estate professional who is very familiar with a specific market or geographic region can offer helpful advice and assist buyers in finding reasonably priced units. Real estate professionals will know which developments have special promotions, and they will be able to provide information regarding the development's monthly fees. In addition, a real estate professional is often able to negotiate a better price on a unit than the buyer would be able to do on his or her own.
Good deals can often be found if the buyer is willing to make a compromise on location, unit size or amenities. A condominium development that is one block from the ocean may be significantly more affordable than a similar development that is ocean front. Similarly, a condominium located just outside of the business district, as opposed to downtown, will likely cost less. Real estate agents often suggest that buyers make a wish list that includes features on which they are not willing to compromise, as well as elements on which they will budge. A buyer may, for example, be willing to live one block away from the ocean in exchange for an on-site swimming pool and tennis court complex.
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