10  Important Tips for Buying New Condominiums 

No. 1/.  Make sure that you get a pre-approved mortgage commitment with an agreed-upon five-year interest rate when you commit to a Condominium. 

No. 2/.  Don't rely upon anything unless it is in writing.  If you have any concerns, make sure you have these concerns answered in writing. 

No. 3/.  Be flexible on your closing date. Don't expect new condominiums to be finished on time. 

No. 4/.  Don't purchase a condominium with the expectation of being able to flip it on or before closing for a profit. 

No. 5/.  Do your homework.  Compare the price per square foot for new condominiums with resale's in the area. 

No. 6/.  Don't be pressured into making a decision.  A lifetime real estate opportunity presents itself with every new condominium built 

No. 7/.  Buy what you can afford.  Factor in commuting costs, taxes, common area maintenance and closing costs. 

No. 8/.  Make sure you know the area that you are buying. Visit it at night.  Commute to and from the area to test traffic patterns during rush hour. 

No. 9/.  Research the history of the builder.  Rely on printed material rather than spoken material. 

No. 10/.  Make sure your communications are via email.  Email is not legally binding because it can be altered, but at least both parties will have a written email trail if a disagreement should arise.  


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