There is no other commitment in purchasing tangible items more profound than the acquisition of your first real estate investment. Scouring the neighborhood for prospective communities to live in and searching for the perfect condominium can be truly exciting as well as is the milestone of finally signing the papers and moving in.
However, unknown to most, there is an emotional element entailed in the process. This is especially prominent for first-time buyers. It can be emotionally taxing, but for those who know what to expect, it can be rewarding. Knowing how to prepare yourself emotionally is part of the lengthy process of buying a condominium unit, for instance. Acquaint yourself with the tips below.
1) Prepare to compromise
You are going to be on the hunt for a lot of properties—be it condominium in Mandaue, Cebu or a condo unit in Manila, but one thing is for sure, you are going to be limited to the existing condos for sale.
For starters, it is best to have a list of “must-haves” which should not contain more than four or five things. These are the items you feel like you cannot absolutely negotiate and compromise with. Your other list should include your wants which can be considerably larger than your “must-haves” list. Survey a potential unit and if it does not have all of the must-haves, then choose another condominium unit.
2) Be aware of your finances
This might be the best time for you to purchase a condominium unit but regardless, you are still going to be spending quite a lot. This means you will likely write the biggest check you have ever written in your life. That knowledge alone would suffice to intimidate most people of the prospect if buying a condominium.
However, ascertaining what you can afford and scrutinizing that amount would help you realize if you are comfortable with what you are going to be spending. Remember to factor in taxes, association dues, and insurance before deciding on a unit as these are real expenses you will have to deal with each month.
3) Be aware of the time commitment
More often than not, you will be spending most of your time on the hunt. This means canceling brunch plans and whatsoever if a good prospect comes out on the market.
Be dedicated to your hunt and be as thorough as you can be. Fill out the necessary paperwork, send out faxes and survey every possible condominium unit there is.
4) Be prepared for disappointment
A condominium hunt can be a challenge but you should not let that deter you. Your agent will be more than happy to assist you but there may be circumstances that would prevent you from getting the condo you are already eyeing. Some issues are resolvable while others are not.
Remember that you always have a multitude of options. So whenever disappointment hits you, be ready.
5) It can be very taxing
Buying a condo for the first time would seem momentous to you. Every step of the way is laced with intricacies. To you, these are all part of the logistics and you are incredibly excited about this. Even so, for your real estate agent, this might not be the case. You will have innumerable questions which your agent should answer patiently and kindly. You should be able to learn from them and rely on them to alert you if a red flag is popping up.
Novice buyers should enlist the services of a seasoned real estate agent who works as their advocate as they make the process a lot more convenient and easier.
6) Gain some insight from people who’ve already bought
Having an awareness of what to expect when you are buying or searching for a condominium unit can lessen the stress and can be comforting as well.
If you have friends who have already bought, sit down with them and ask them about their experience. They will likely give you anecdotes as well as good advice and encouragement. These are essential things and may help you with your real estate endeavor.
Buying a condo can be a roller-coaster—especially for those who are buying for the very first time. This can be attributed to the fact that you want to make financially sound decisions and choose the best among the selections. With that in mind, the pressure can really build up.
But, if you have prepared yourself emotionally and know when to ask for assistance (either from family, friends or your real estate agent), you will find that finally finding your condo can be a truly rewarding experience.