In recent years, the real estate sector has grown exponentially as it has proven to be one of the best investments that one can ever make. Buying your first condo can prove to be an overwhelming task, especially if it is your first-ever investment to make, not to mention the many condo options to choose from. However, with the right information in mind while checking out the Merida condos for sale in Mexico, you can rest assured that your investment will be worth every penny. In this piece, we will be looking at some of the mistakes you should avoid when buying your first condo.
- Choosing the wrong location
Location is perhaps one of the most important aspects to look at in real estate. One of the biggest mistakes you can ever make when buying your first condo is not considering the location. Be sure to choose a condo in an area that you find ideal. While looking at the location, you also want to consider the neighbourhood. Find out more about the security of the area and its proximity to the social amenities before taking the plunge.
- Not considering your future goals
What are your future investment goals? This is one of the questions you need to have an answer to before buying the condo. The two main options that people have are: buying it as a short term investment as you look forward to making bigger investments or buying it as a long term investment. If you decide to go with the latter, it means that you may decide to rent it out and collect monthly rent from it. As such, you want to choose a condo that is in an area with high rental demand and is attractive to many.
On the other hand, if it is a stepping stone towards other investments, you will have to consider the market value and trends in order to be sure that you will be able to resale your condo at a reasonable price as well as get the right buyer.
- Working with the wrong real estate agent
Working with the wrong real estate agent can make your whole experience miserable. Given that there are many real estate agents today, it is imperative to check their qualifications before choosing one. Choose one who has enough experience and a good reputation as well. Also, find one with excellent interpersonal and communication skills.
- Not asking about the rules of the condo establishment
Many condos have their own rules, and this is something that you should never overlook. For instance, you might find that the condo does not allow pets in the establishment. If you have a pet, therefore, it would not be wise to purchase such a condo. Ask your seller if the condo has any rules, and only choose one with rules that you can adhere to.
- Forgetting about the association fees
Besides the actual amount you will be paying for the condo, you might also be required to pay some association fees. Some of the association fees include paying for garbage collection, security, the gym and so on. You want to find out more about the fees and see if they will fit your budget accordingly before making your purchase.
