Buying an apartment, condo or co-op can be a big step, especially if you’ve only ever rented before. There are a few things you should keep in mind so that you are sure to find one that has everything you need, at a price you can afford.
Make sure that any apartment you are considering meets all of your most pertinent needs. Figure out what is most important to you, such as close proximity to where you work or a good school system and stick to it.
Prices can vary drastically in regards to apartments, depending on location and features. Before you start to shop, do some careful calculations in regards to what you can actually afford, to avoid unpleasant surprises later.
Working with a real estate agent can sometimes be the best option. Although you can certainly locate apartments and schedule viewings on your own, real estate agents can make the process go a lot smoother.
Once you find an apartment you really like, be sure to inspect it carefully. Look specifically for anything that may need repaired, and if you find any problems, get them fixed before you sign any contracts.
Investigate your financing options carefully so that you don’t get tricked by any hidden terms. Don’t sign any loan agreement without understanding every detail and consult with a real estate attorney if needed.
Once the contract meets with your approval and has been signed, the seller will also have to review it and agree to it. Make sure you have any other necessary approvals, such as from the board of directors for the property, if applicable.
After the contract has been signed on both sides and your financing is complete, you simply need to wait until the deal officially closes. It’s not unusual for this process to take between sixty and ninety days.