Are you planning to purchase your own condo unit? If this will be your first time to make this type of purchase, consider the following advice to make sure that you will get the best price and value for your money:

1. Get a mortgage loan pre-approval. It’s a good idea to get pre-approved for a mortgage loan first before you start shopping for condo units. Thus, you will know exactly how much budget you can afford and wouldn’t have to waste time looking at units that are out your budget’s range.
To get a pre-approval, order a copy of your credit report from the three major credit bureaus at least six months prior to your loan application. This will give you enough time to work on improving your score, in case you need to. Should you find errors in your credit report, you can ask the bureaus to delete all incorrect information which can badly affect your credit rating. Remember, a higher credit score will open better opportunities for you.

2. Examine the condition of the building. Of course, you want to make sure that the condo building you will be moving in is in good condition. Otherwise, you might suffer the consequences later on and you might need to spend a lot on renovations and improvement with your unit.

Some first-time condo buyers only check the unit they want to purchase, failing to consider the over-all condition of the structure. Some buildings are old and some have been renovated from an old structure. It’s also a good idea to hire assistance from a building expert or someone who is knowledge with structures. Thus, you can make an informed decision as to whether you should push through with the purchase or not. As a buyer, you need to seriously consider if you are paying the right price not just for the unit you are offered, but for the rest of the building as well.

3. Do comparison. Another tip is to ask for assistance from a real estate broker and agent. This is because a broker will be able to provide you with a CMA (comparable market analysis) of different condo buildings in a particular location. Hence, you will be able to see the acceptable price range in the market instead of focusing on just one.

4. Be prepared to pay higher down payment. If you want to purchase a condo unit within the year or the next, start saving now for down payment. Paying a higher sum of down payment will enable you to save a significant amount of cash from your monthly mortgage payment.

5. Read the homeowner’s association’s document. You should get to know what’s been happening with the building and the homeowners in that building within the past six months or within the year. Ask for the homeowner’s association paperwork and take the time to read it. Thus, you can have a clear idea as to how the management works as well as the plans for the building in the following months or years.

About the Author

Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of NHBS, Inc such as their continuous effort in giving out Free Credit Repair and Building Ebook. NHBS also has a list of recommended Bad Credit Credit Cards

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About Melanie Mathis

Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of NHBS, Inc such as their continuous effort in giving out Free Credit Repair and Building Ebook. Connect with Melanie Mathis on Google+