When Should I Really Consider Buying a Condo?

Reader Question:

I’m really considering moving to Mt. Pleasant and want to purchase a condo sometime in the beginning of 2010. However, I’m a little nervous when it come to this real estate market and I need to know when should I really begin my search?

- Jamie, West Ashley

Answer:

Hi Jamie, that is a really good question and if this “so called” economic recovery continues then 2010 might prove to be the best time in a long long time to purchase real estate. But don’t take my word for it just yet… because you never know.

The good thing is there are many many desperate people who have been holding on to real estate and really want to get rid of it. This presents an opportunity to you to find the right seller who is willing to give you a deal that is almost too good to pass up.

So in some respeacts, I say it’s never too early to begin the search for your perfect property.

But there is one thing that you might want to do first… that’s get a preapproval letter from your mortgage company. Even better, visit many mortgage companies and get many different options and see which one will give you the best deal.

These days you will probably qualify for as much house as you would of a couple of years ago, but there should be some great mortgage programs available to you… especially if you’re a first time buyer.

It will be necessary to have:

1. Pay stubs from your job, or documented income if you own your own business.
2. Make sure you have all other income or investments you might have… 401k and any IRAs or anything else.
3. You’ll also want to have the last few years of tax returns.

Here’s one quick tip… make sure you present a plan for your condo in terms of how you’re going to pay for it with advancements in you job… and if you plan on making any extra money by renting out rooms.

It’s good just to show the financial institution a plan that you have as you live there… makes you seem less risky.

Once you get pre-approved then you’ll have a number that you can base deals off of… and if you find a deal that’s too good to pass up, I say jump on it.

But don’t get emotionally attached. Thanks for the question Jamie and I wish you good luck on your search and hope you not only find the perfect condo… but the best deal possible.

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• Do I Really Need a Rental Deposit with an Individual Owner?
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• Who Else Loves Living in a Condo Rather Than a House?
• Is a Condo Still Good Even If I Have a Baby?
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• Condo Living if You’re Single… Relationship… Pets?

Mt. Pleasant Condos keeps bringing you more great content to help you learn about living in a condo and how to buy, sell, and successfully live in one.

Tagged as: Buying a Condo, Mt. Pleasant Condos, Timeline to Buy