You will probably buy your first condo with your first income and savings, so it will be a very challenging task for you as you practically have no experience at all. But, there is always a first time for everything, so there is no need to panic. As a first time buyer, you will also have to keep the following things in mind.
Apart from the above points, like having a parc central residence and a secure environment, there are few more factors a first-time buyer will need to be more alert about.
- Finances And Loans:
Managing your finances to purchase a condo will be the most difficult job. You need to have clarity on your budget and how you are going to arrange for it. Make sure you have a long steady source of income, and you are making a lot of savings too at the same time. Talk to banks and financial institutions for loans and if your loan is approved, find out how you will be making the repayment of the loan.
- Consult With Real Estate Developer, Agents And Others Who Have Purchased Before
Get hold of an experienced real estate developer with a very good track record for your first purchase so that you feel safe about the money you are investing in the condo purchase. Apart from that, hire a real estate agent who will guide you through the entire process of purchase very smoothly.
- Know About The Entire Procedure Of Registration, Agreement, Tax, And Other Legal Formalities:
As a first time purchaser, you probably have no idea about the legal formalities and procedures that are involved in the purchase of a condo. Therefore, you need to know the minute details and do your homework about the entire procedure of purchase beforehand. You should know about the tax that will be levied on you by the government, and you should timely pay the taxes.
Inspect the condo and make sure that the transaction you are entering into is completely legal, and you will be the rightful owner of it. The condo is free from all encumbrances and liabilities, and there are no third-party claims.