SkyFive Properties Blog

Choosing a new apartment is a big step for a lot of people, no matter their age or circumstances. Finding the right place is not as easy as it might seem on the surface, and there’s a lot more to consider than you might currently realize. It’s important to think as much about the boring and practical things as it is to consider the exciting things. So read on to find out more about doing that.

The Length of the Lease

The length of the lease is important to consider because it can impact a range of other things. If you sign up to a longer lease, you’re obviously making more of a commitment and accepting that you’ll have less flexibility moving forward. But you’ll also find that you’ll probably get a cheaper deal, so it’s up to you to weigh up those pros and cons against each other.

Extra Charges and Which Services Are and Aren’t Covered

The apartment you choose will likely come with some sort of service charge that you’ll have to cover. Obviously, moving into a new home can be costly and this is another cost you’ll need to take into account. You should also research which services are provided and paid for by that service charge, as well as which aren’t. Those are basic things you’ll want to find out before moving into a new place.

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The Convenience of the Location

One of the first things you’ll need to do is think about the location and what it might mean for you. You don’t want to spend a lot of money moving into a new place only to regret it after a few months because the location doesn’t suit you or it doesn’t work for you in terms of your friends and family or the location of your job. You want to find a location that’s as convenient as possible.

The Rules on Pets and the General Pet-Friendliness

If you have a pet or you’re planning on getting one in the near future, you’ll need to consider whether the apartment you’re moving into will allow you to have one. Some buildings have rules against pets and some landlords don’t like their tenants to have pets either. However, there are also lots of pet-friendly apartments out there for you to consider.

Local Amenities

Finally, you should take the time to research the local amenities and what they’re able to offer you. You need to make sure that you feel comfortable in the area, that there are transport links that suit you and that you’ll be able to get all of the things you need nearby. It makes your life a whole lot easier if you have all the things you need close to where you live.

As you can see, there are lots of things you need to take into account when you’re selecting a new apartment to move into. This is where you’re going to be living for the next chapter in your life, so it’s definitely something that you should take the time to get right.

Getting a mortgage is part of almost every person’s home buying process. While the process is now standardized, a lot goes into getting a mortgage. If you’ve never done it before, it can get overwhelming to dig through all the details.

Luckily, there are a few standard steps you can expect to take when you apply for a home mortgage. Below are three steps you need to take when getting a first home mortgage.

1. Gather Your Documents

You’ll need to provide a lot of financial information to get a mortgage. You need to prove that you can pay off a mortgage if you want a lender to give you money. Here is some of the financial information you need for your mortgage:

• Credit card score
• Yearly income
• Current debt
• Other assets

You may have other sources of income and expenses that don’t fall into the standard categories a person usually has. If so, you’ll also need to provide your potential lenders with this information. The more you can paint the picture that you’re a reliable borrower, the better chance you have of successfully getting a mortgage.

2. File Your Mortgage Application

Once you gather all your financial information, it’s time to start the application process. Look at all the lenders in your area and check to see what qualifications they have for mortgages and your expected rate estimations.

Some lenders also have a home mortgage calculator available to provide rate estimates.

Don’t stop with one lender during your search. Apply to as many lenders as possible to see your options and which lender offers the best deal. Once you gather your list, get the mortgage application from each lender and give them all the information they ask for.

3. Get Application Results

Once you fill out your applications, it’s a waiting game until you get your results from your lenders. Luckily, you should get answers fairly quickly, depending on your lender. Once you do, compare each lender’s home mortgage interest rates to see what they can offer.

Try not to choose after you start getting your applications back immediately. Some lenders take longer to process applications. When you’re getting a mortgage that will take decades to pay off, you need to make sure you find your best option.

Once you make your choice, the underwriting process will begin. A lender goes through this process for loan verification to ensure all the information you provided is correct. You’ll need to wait some time for the process to complete, but you’ll have your mortgage once your lender completes their underwriting.

Now You’re Ready to Apply for a Home Mortgage

A lot can go wrong when you apply for a home mortgage, so you can’t afford to make a mistake during the process. You need to understand everything that goes into the process to ensure you cover every little detail. Remember the short guide above when applying for your home mortgage to ensure you do things right.

Once you complete the mortgage process and get financing for your new home, it’s time to start the house-hunting process. Check out the latest articles on the blog to learn more about what to look for in a new home.

Buying or investing in a new or old property is a big step and a crucial decision that requires years of saving and planning. You don’t want to end up with a poor property and no savings in hand.

Discovering the best house for sale requires going through various essential factors. We have listed some important things you should remember before buying a house. Let’s understand each one of them. They are;

The price of the property

The initial step towards selecting a property is fixing a budget, making it easy to select a house as it refines your search. Compare the price by consulting different realtors to see which offer you a better deal. Go through portal listings, local brokers and newspaper listings to get better property options within your budget.

House carpet area

The property built area usually includes everything from the elevator shaft, wall thickness, stairs, shafts, etc. However, the carpet area is the actual area within the house’s walls, which is 30 % less than the built-up area, which the seller calculates.

That is why understanding the carpet area is essential before finalizing the deal.

Get your property evaluated by home inspectors.

Home inspectors can evaluate different aspects of your property, which will give you a better understanding of whether or not you should invest in it. They will review the exterior and interior of the house and let you know which aspect would require repairing and maintenance.

They give you a good picture of what you can expect after living on the property. They go through interior plumbing, ceilings, roofing, insulation, electric system, walls, floor, exterior drainage, structural components, basements and others.

You can hire an affordable and reliable Home Inspections Center for identifying potential issues and saving yourself from expensive repairs in the future.

Timeline of possession

The realtor often delays the delivery of the property against the promised date and time. If you are buying a newly constructed property, you should ask the realtor for the exact and estimated timeline of getting possession. Usually, a realtor takes around 6 months grace period for delivering the property; however, they should give you a valid reason for it.

Get your property legally evaluated.

Another important aspect of getting checked is whether the property is legally constructed or not. The seller or realtor should have followed all the required regulations and NOC laid down by the state and approved by the authorities, such as water supply, sewage boards, electric system and municipal corporation.

If you go for a home loan, the bank will check your property validation before passing it.

Locations

While choosing the house of your choice, make sure to check its location. Ensure all the amenities, security, and necessities are easily accessible. These factors will ensure peaceful living. Also make sure that the house is located in a safe and secure area.

Make sure to check all the additional charges.

Make sure to go through all the documentation involved in the process. You can even add a clause where the builder fails to deliver your property on time and pays the penalty on time. If you get home inspected through professionals who detect any issues, you can add those factors as well in the clause and negotiate the deal.

The home inspectors will get you a better picture of the property, which will help you during deal negotiation.

Summary

Buying a house is a big step in anyone’s life, that is why you need to consider the points mentioned above to ensure a smooth process. Hiring a home inspection service can be a beneficial step towards buying a house as it ensures that the property you are going for is worth investing in.

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Finding the place you will be calling home is a big decision and should not be done half-heartedly. When you buy a house, you make a long-term commitment to that house and everything that comes with owning a home. So how do you know when you have found a place that is commitment worthy? Sometimes as soon as you see it, you know. More likely, you will take some time to find something you like, with the process perhaps becoming more and more frustrating. Fortunately, there are some things you can do and tops to keep in mind to make the process smoother.

Know Your Budget

Have a realistic conversation with your real estate team before you start to view properties. For first time buyers, there can be the temptation to go beyond your budget if you see a property you love, but the stress of being unable to afford future mortgage payments may not be worth it in the long run. Furthermore, not having a clear budget can lead to you missing out on a great property.

Location, Location, Location

When searching for your ideal home, the location will be your most crucial factor as it is integral to your lifestyle.  One of the reasons the place is so vital is that you want your home’s value to grow over time. Even a great home might not be appreciated as well in a less ideal area. For example, what if it is in a less perfect place.

A good location can give you more than just a higher likelihood that the home’s value will increase; it can mean a tolerable commute, an easily accessible downtown area with restaurants and shopping, access to good schools and more. Or it can mean the exact opposite if you’re looking for a home in a more secluded area, far away from the hustle and bustle of town. Finding the right location for your needs will likely make you much happier in the long run.

Make Sure It Ticks Off Essential Boxes

There are a few crucial elements and boxes that you need to confirm before purchasing:

• Make specific vital components such as roof, have been surveyed, you need to check how costly it would be to repair or replace and is it worth it? Make sure the windows open easily and are in good condition. Find out what state the heating, ventilation, and air conditioning (HVAC) system is in.
• Look behind sinks and toilets for signs of damage or leaks; look for telltale discolouration of ceilings and walls.
• Test everything if you have determined the house is a real contender. For example, flip all the light switches, flush the toilets, turn on the shower, etc.
• Are you going to have to renovate to add value?

Do Some Mental Decorating

When figuring out how to pick the right house, the taste can be a very personal thing – you might not decorate in the same way as the previous tenants. This means you need to look beyond the décor to the space itself – focus on the walls and ceilings, on any bright windows and think about how you’d fit your interior design in with them. So when you find yourself mentally moving your furniture into the room, it’s a good sign.

If you have children, it is worth bringing them into the frame and getting their advice regarding where they will be growing up. Looking for a house is an exciting time, and more seriously, it is an investment, so take your time and have a good think about what you pick.

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A real estate company is the invaluable bridge between customers and their dream home. A real estate agent helps you find your dream house and gets you on the property ladder. But if you want to make your real estate business stand out, what are the things you need to consider?

Bring the Business Into the 21st Century

Marketing yourself is one aspect that you have to remember, as many modern real estate companies can be somewhat stuck in the past. This is why if you want to differentiate yourself from the rest you’ve got to embrace technology wholeheartedly. Many real estate agents are setting up mobile apps. But if you think this is enough, you’ve got to go further. For example, setting up a payment solution for your mobile app is one way to make life easier for customers. The modern world demands different payment methods and this is why you need to bring the business up-to-date.

Making Your Branding Stick

Learning to stand out is not just about your actions. When you are not in contact with clients, your marketing and branding will work wonders in making you stand out. If you see companies using the same sorts of typefaces and designs, this is a perfect opportunity to make yourself different. Choosing a distinctive color palette or font and a fresh new look is a great way to make yourself stand out. You could also build your brand around beautiful home designs rather than just opting for a logo with two or three colors.

Selling Yourself

You may be great at selling houses but you got to sell yourself too. Great real estate agents know it is their personality that has the power. At the same time, you’ve got to remember it is a home that you are selling. This is why you have got to get the balance right between your personality and the property. Think about the personal strengths you have and how they play into your role. For example, if you have a bubbly personality, this can work to help people get excited about new properties. On the other hand, you could be very calm and reassuring which works to help first-time buyers through this difficult process.

Build on Positive Referrals

Throughout the process of moving people from one home to another, partnering with local suppliers can make for a positive experience. There are many local companies you can utilize. For example:

• Interior designers
• Gardeners
• Painters
• Cleaners

When you reach out to these businesses, this is a great way to build a solid referral network.

The Importance of Aftercare

If you want to differentiate yourself, don’t just see them through the house buying process. Make sure you follow up and stay in touch with them after the sale. You can do some of the following:

• Send thank you gifts and cards
• Stay in touch with them to see how they are doing
• Sending cards and gifts during important events, for example, birthdays

There are many ways to be different in this day and age. In real estate, it has never been more important to be unique.

Real estate has surprisingly seen a massive boost in the last 18 months. While real estate is suffering from a recession, there is also a big race for space in many parts of the world. But what is the future of real estate? Let’s show you some major real estate trends that will make a massive impact in the coming year and beyond, and they all involve tech.

Smartphone Apps and Mobile Service

Smartphones have been great for businesses in any industry and will impact the real estate sector. Mobile apps have changed how real estate agencies operate. Not only does it allow customers to access information on properties, but it’s also been key to payment processes. Because customers are now looking to pay while they are on the move, real estate agencies can benefit from incorporating mobile payments. For example, this virtual terminal from Payanywhere has made it easier for customers in so many ways.

AI and Chatbots

The real estate industry needs to redefine how it generates leads. Generating leads is one of the biggest tasks in real estate as every little inquiry could result in a big bonus. But in order to get to this point, it involves a multitude of rejections. This is where AI chatbots can provide constant communication with clients in real-time. Chatbots have numerous benefits including multi-channel support, automated scheduling, 24/7 availability, and the ability to automate follow-ups. AI chatbots are invaluable in so many businesses, and in real estate, they will make a massive difference.

Augmented Reality and Virtual Reality

AR and VR will be big business for potential property buyers because they can get a personalized experience, no matter where they are in the world. An AR feature will help customers look at properties without visiting them and can compare different options while staying in the same location. Additionally, you can save time and money with this process. As you can show the look and feel of the space you don’t need to physically have realtors visit the property.

Smart Homes and IoT

The smart home has boomed over the last couple of years and if any property has an IoT (Internet of Things) facility, this will result in a greater market value. And this will redefine the real estate industry in so many ways. Real estate agents can integrate it into their marketing proposals and take advantage of this tool when it comes to selling.

The Blockchain 

While the Blockchain is more closely associated with cryptocurrencies like Bitcoin, the Blockchain is a very exciting bit of technology to have in any business. It allows quick transactions and secure processes without the need for a middleman. Blockchain technology has been very popular in certain industries, but this might be the year that real estate truly gets to benefit from it.

If you are looking to bring your real estate business into the 21st century digitizing it is undoubtedly one of the best ways to help. Beyond mere emails, you can do so much more for your real estate business.

Are you considering making a switch from electricity to solar power? While both options are excellent for providing properties with energy, each alternative comes with its own pros and cons in terms of costs and savings.

Regarding the upfront cost, electric utility systems require no upfront money, while solar energy systems impose a significant upfront investment. Nevertheless, the former provides no control over the cost, whereas the latter offers short-term and long-term savings.

There is a multitude of electricians in Mechanicsburg Pennsylvania, offering residential and commercial electric services.

Learn more about the difference between electricity and solar panel savings.

What affects the cost of electricity?

The prices of electricity reflect the cost of financing, building, operating, and maintaining power plants, along with the power distribution lines system. The generation and transmission of electricity have to be performed through equipment, which imposes fuel and maintenance expenses. Electricity cost is influenced by fuel cost, weather conditions, the distribution system, and consumer type.

Since electricity is generated and distributed by using energy provided by fuel, the cost of fuel impacts its price. Since fuel costs tend to vary, so does the price of electricity. When there’s a high demand for power, the demand for fuel like natural gas increases fuel prices, as well as imposes higher costs for electricity production.

Another factor that has an influence on electricity costs is the weather. For instance, certain weather conditions like rain and snow represent water sources for generating hydropower, which is cost-effective. Conversely, the wind is capable of generating electricity owing to the use of wind turbines when provided with favorable wind speeds. Anyhow, the cooling or heating demand increase due to extreme temperatures, which drive the price of power up.

Furthermore, the system used for distributing and transmitting electricity involves maintenance costs, such as repair of system damage from harsh weather conditions or accidents. In certain states, prices are regulated by utility commissions or public services. Additionally, the type of consumer is another factor that influences the cost. For example, industrial consumers are charged less per kWh, as the generation and delivery of power are faster and less expensive.

Electricity cost in the U.S.

The average residential utility rate in the U.S. is about 12 cents per kWh. Almost a decade ago, in 2014, the average electricity bill per month was $114 prior to the application of taxes and fees. Regarding the monthly use of kWh, an average American household used about 910 kWh. Residential bills have gone up over the last decade and keep on surging. Click here to check out the definition for kilowatt-hours.

For instance, residents of Pennsylvania were charged 14.53 cents per kWh in October 2021 in the residential sector. Other states, such as Connecticut, charged the residential consumer group even higher utility rates of 22.85 per kWh. There are a couple of states that record the highest average price of residential electricity, including Massachusetts, Hawaii, Alaska, and Rhode Island.

In contrast, the states that record the lowest average price include Washington, Utah, and Idaho. The average price of electricity in the entire U.S. for the residential sector was $14.11 per kWh in October 2021, compared to $13.66 in October 2020. The fluctuations in cost are triggered by the changes in demand, the increase/decrease of fuel prices, the availability of generation sources, and power plants. Prices have a tendency of being the highest in the course of the summer months.

Solar power cost

Solar energy systems provide protection to homeowners in terms of preventing constant price fluctuations. The cost of solar panels has dropped by approximately twenty percent during the past five years. The installation expenses for a 10 kWh solar system range from $23,800 to $31,400 without calculating the tax credit benefits, which account for 26 percent.

Solar power expenses involve the purchase price, the land cost, the installation cost, system design, solar modules, etc. The price of solar panels varies across the U.S. because of different reasons, one of which is the system size. For example, the largest solar panel systems are installed in warm states exposed to plenty of sunshine, such as Florida, Nevada, and Arizona. The following link, https://worldpopulationreview.com/state-rankings/sunniest-states, provides a detailed list of the sunniest U.S. states in 2021.

The larger the solar system, the less consumers are charged per kWh. In general, warm states are characterized by lower pricing compared to cold states where pricing is higher. Ultimately, total pricing is almost the same in warm and cold states, as the former pays for larger system sizes, whereas the latter pays for smaller system sizes.

Solar panel cost for 10 kWh systems in Arizona is $23,300 on average. In contrast, the price for the same system in Washington is much higher, as high as $34,300. These costs are calculated before the 26% federal tax credit is applied. The expenses for solar panel installation are influenced by the system’s size, as larger systems cost more than systems with fewer panels.

Nevertheless, larger systems are considered more cost-efficient in the long run. If you install solar panels that cover all electricity use, you’d be making a larger investment but enjoy lower monthly expenses in the future. Another factor that affects solar panel prices is the equipment. The quality of the panels depends on their appearance, efficiency, and warranties.

Roof characteristics are an important pricing factor as well. South-facing roofs with a 30-degree slope provide an easier installation process for installers. In contrast, roofs with multiple levels and skylights require extra effort for the installation to be completed, which increases the expenses.

Labor is another essential pricing factor. Solar installers charge different sums for their services, depending on their warranties and track record. Those offering premium warranties charge higher sums for their installation jobs. Finally, the availability of rebates and incentives is also important, as it helps customers get more money back.

A final note

Weigh the pros and cons of both options before making a decision!

Buying a new property can be a hugely exciting experience. However, given the size of investment required to buy a home, doing so also comes with its fair share of risks attached. Given how expensive it can be if you get it wrong, it’s crucial that any prospective homebuyer avoids the biggest pitfalls associated with real estate so that everything can go as smoothly as possible. Here are 7 of the things you should do when starting the homebuying process.

Check and Optimize Your Credit Score

The average house price in the USA reached an all-time high of $374,900 in 2021 and is forecasted to continue to rise. As a result, mortgage lenders tend to be quite particular in who they decide to grant loans to.

The first thing any lender will do is check your credit history and score. Your credit score quantifies your “creditworthiness”, which essentially means how trustworthy you are deemed to be at repaying loans and credit. It is thus important that you check your credit score in ample time before you need to purchase the property, so you have time to improve it before you need to apply for a mortgage. The most common way of building your credit score is by applying for a credit card and regularly paying it off on time. Because it takes substantial time to build or improve your credit score, it is advised that prospective home buyers check their credit around 12 months before they intend to buy a property.

Set a Budget

One of the most common mistakes first-time homebuyers make is purchasing a more expensive home than they can afford. This is typically because they do not factor in the additional costs associated with homeownership, before pulling the trigger on purchasing a property. Just a few of the most common additional fees include property tax, home insurance premiums, repair costs, and neighborhood association fees.

It’s thus important to set a budget that accounts for all of your expenses, prior to determining what sort of property you can afford. This should not only include your mortgage and other housing costs, but also other typical monthly expenses such as operational costs for your car and utility bills. In real estate, it is generally agreed that your expenses should not exceed 43% of your income.

Investigate Your Mortgage Options

Lenders today offer a huge variety of different types of mortgage plan. It is therefore also a good idea to research the different types of plans available to you, to find one most suited to your needs and preferences.

Each plan has different strengths and weaknesses, so think about what you want before inquiring about quotations. Lenders typically offer mortgages with down payments as low as 5% of the total value of the property. However, these mortgages thus generally have higher monthly payments. Prospective buyers can often choose between variable- and fixed-rate mortgages. As the titles would suggest, fixed-rate mortgages have payments that stay the same for as long as you own the property, whereas variable-rate loans can change depending on the market valuation of the property.

Check and Double-Check the Property

Naturally, it is also crucial that you ensure you thoroughly inspect any potential property before you start the buying process in earnest. While the formal inspection carried out by a third party will check important things like the boiler, the plumbing, and the wiring, you should also check things like the quality of the property’s construction and whether it is fit for its intended purpose. It’s also worth noting any repairs that are needed, so you don’t get an unpleasant shock when you finally move in. Ideally, you should check the property out in person, but if this for some reason is not possible, many real estate companies now offer virtual real estate tours.

Get a Pre-Approval / Pre-Qualification Letter

One of the most important steps of the home buying process is receiving pre-approval from a mortgage lender. A pre-approval letter confirms that you should be approved for a mortgage, providing that there are no changes to your financial circumstances. This can be beneficial for your peace of mind, but the real advantage of a pre-approval letter is when you are competing with other buyers for a property. Sellers generally want to sell to buyers that are sufficiently qualified, to minimize the chance of any sale falling through. Therefore, a pre-approval letter will help you stand out in this respect and show that you are a serious buyer.

Research the Neighborhood of the Property

A great property in itself is one thing, but you should also factor in the surrounding neighborhood before making a purchase. This is of course important if you intend to live in the property since the location must be feasible for your work situation and have amenities that suit your needs. For instance, if you have a young family, you may want to research surrounding schools and crime levels prior to choosing the neighborhood to live in.

However, even if you are only purchasing a property for commercial purposes, it is important that you consider location. This is because the desirability of a neighborhood plays a large part in what will happen to the valuation of the property. Location is thus significant in determining how profitable a real estate investment is likely to be.

Get a Valuation and an Appraisal

Aside from checking the property thoroughly yourself, it is also vital that you organize a formal inspection of any property, prior to agreeing to buy it. As alluded to earlier, a housing inspector will check all of the underlying features of a property to ensure that it is safe for habitation. These include components such as the house’s plumbing, ventilation, and overall structure. Ensuring that your property has passed an inspection will not only protect you from having to pay for any unexpected repairs with these issues, but will also confirm that there are no serious hazards with the property, such as a risk of electric shock from poor wiring.

You’d think that given the time, energy, and money it takes to acquire a property, that people would be thrilled when it eventually happened. Yet this oddly isn’t always the case. In fact, it’s increasingly becoming less common that this is the reaction. A whole host of people end up regretting their decision to buy a house. It’s so common, in fact, that there’s even a name for it: buyer’s remorse. The good news is that there are ways to reduce the chances of this happening. We’ll take a look at some of the best methods below.

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Set a Budget…and Stick To It

A person might love their property, but if it costs too much money, then at some point or another, they’ll begin to feel resentful. And this is understandable: nobody wants to feel like they’re living in dire financial straits, just so they can afford the roof over their head. You can get around this issue by setting a budget, one that really ensures you’ll always be able to make your monthly mortgage payment. Once you have your budget, make sure to stick to it. It’s tempting to stretch a budget when you find a house you like, but you’ll only end up regretting it if you do. Especially in a hot market, it’s easy to get carried away when bidding on real estate. For this reason, we’d always suggest keeping your options open and doing your best to not get emotionally attached to a property,” comments James Durr of Property Solvers (UK)

Do Your Research

The more you know about a house you’re thinking about buying, the better. You’ll discover everything about it at some point anyway. Wouldn’t you prefer to know these things before your name is on the deed? There are plenty of things you can do to learn about a house. One of the most effective methods is to work with a title search company; they’ll be able to tell a bunch of important information about the property. Once you’re getting closer to buying the house, a surveyor can help to identify any current or potential problems that the house might have.

Know the Neighborhood

As well as the property, it’s a good idea to get to know the neighborhood. You might end up regretting not the house itself but where it’s located. When you’re zeroing in on a house, spend some time wandering the streets that surround the property. Is this somewhere where you feel comfortable? Is it a place that you might grow to love? Don’t fall into the trap of believing that the surrounding neighborhood isn’t important — it absolutely is. They’re the streets where your current or future children will play, after all.

Take Off The Rose-Tinted Glasses
Finally, be sure to look at the property clearly before making an offer. It’s always tempting to see the things that we want to see. But what good will that do you? It might mean that you overlook some crucial details that will only rear their head in the future anyway. If anything, it’s best to focus on the negative elements of the property. If you can accept all the bad points, then you’ll likely have found a property that will be right for you to buy and create a home.

Are you looking for ways to take advantage of the low mortgage rates in 2022? Do you want to invest in real estate without committing to maintaining an entire building? If so, then you need to learn all that you can about purchasing a condo.

A condo purchase in 2022 can benefit you in several ways. It can help you maximize the lowest mortgage rates in history, give you more affordable options, and give you more amenities to look forward to.

See below for an in-depth guide on buying a condo and the best tips we have for how to find the proper fit.

1. Prioritize the Amenities

In a lot of ways, buying a condo is a lot like shopping around for one to rent. You want to find something that offers the highest return on your investment.

For that reason, we recommend that you prioritize the amenities of any condo that you’re interested in purchasing.

First, take out a pen and paper and write down the must-have amenities that your condo’s complex needs to have. Here are a few questions to ask yourself as you make this list:

• Do you have pets? If so, the complex needs to be pet-friendly.
• Do they have private outdoor space attached to your condo?
• Has the kitchen been updated recently?
• What kind of flooring does the condo have? When was it last updated?
• What community features does the complex have for you to enjoy?
• Do you want a fitness center in the complex?
• Will you require a garage or some other form of extra storage space?
• Does the complex have a swimming pool for you and your family to enjoy?

Even if you’re looking to rent your condo out after you buy it, your future tenants will be asking this same list of questions when considering whether or not they wish to rent your property.

2. Know What You’re Getting Into

There’s nothing wrong with buying a condo for you and your spouse to live in. It can certainly help you avoid the huge costs of owning a house, especially in some of the hottest housing markets such as Nashville, Phoenix, Tampa, Dallas, etc.

That said, it isn’t for everyone. You must know what you’re getting into before you get in too deep. Make sure you’re thoroughly weighed out buying a condo vs buying a house.

The first thing to consider is the price. As you might assume, condos can be as much as $100,000 less than homes in the same area. This is due to their smaller square footage, fewer on-property amenities, and less personal space.

For those of you that are wanting to buy it to rent out, be aware that a condo can take a bit longer to find a suitable renter. They’re also more difficult to resell, as there are fewer interested buyers.

That said, there are also some sizable advantages. For one, they require far less maintenance than the traditional house. You can avoid such tedious tasks as mowing the lawn, cleaning the gutters, power washing your exterior, fixing leaks in the basement, and more.

3. Compare the Costs

Yes, we just mentioned that you can save as much as $100,000 on a condo versus buying a home but don’t just take our word for it. Make sure that you put in the research to ensure you’re making the best decision for you.

The price difference might not be as extraordinary as you’d think. For example, if you’re looking at a luxury condominium, then you won’t be saving as much over buying a traditional house.

That said, the community amenities of a luxury condo can be worth your while. They can give you access to such things as pools, fitness centers, dog parks, tennis courts, and more.

Make sure that you’re taking the time to put these in real dollars. How much are you saving off buying a condo with a private pool than buying a home and having one installed? The savings will astound you!

4. Remember the Condo Closing Costs

This is the undoing of most people that are purchasing a property for the first time. They’ve done all the calculations and can afford their dream condo… then the condo closing costs show their ugly head.

Even worse, the number of closing costs might surprise you. They might include such things as deposits, appraisals, inspections, legal fees, HSTs, adjustments, land transfer taxes, and more.

Make sure that you have a firm understanding of the condo closing costs from the get-go; that way, you aren’t blindsided by the extra costs.

5. Does it Fit Your Lifestyle?

Buying a condo makes sense for some people, while a house might be better suited for others; it all depends on your lifestyle.

Condos are far less maintenance than houses, so they might be better suited for single people, those that travel a lot for business, and so on.

It’s important to consider whether a condo can truly fulfill the needs you have. If not, you’ll regret the purchase and might find it hard to resell for a while. If a condo is the right fit, then you’ll have more confidence in your purchase!

Find Your Next Condo Purchase in 2022

Now that you have seen an in-depth guide on the top tips for your future condo purchase in 2022, be sure to use this information to your advantage.

Take the time to browse your website for more articles on buying a condo, as well as topics on the real estate market at large.