Tips for Hunting for Condos for Sale

Tips for Hunting for Condos for Sale

Buying Myrtle Beach Condos For SaleIf you are on the hunt to see condos for sale, you might not have much experience with this very specific market. This is especially true if you are accustomed to living in a house, rather than apartments or condos. How you choose a condo can have a significant impact on your lifestyle so it’s important that you choose the right one for you. Here are some useful tips to help you with that process:

Preparation before you look at condos for sale

Often, people will turn to the ads page first. This is not a good plan and will usually not yield the results you want. It’s important that you have all the information you need and ads alone will not provide it. The first thing you should do is hire a realtor who is experienced in the condo market. Contrary to popular belief, a realtor will not cost you money. Rather, the seller pays the percentage owed to the realtor. A realtor has advice on what to look for, and can save you a lot of headaches that could come after the fact.

It can also be helpful to hire a real estate lawyer before you sign any contracts or mortgage agreements. A lawyer can help make sure you understand all the legal requirements that come with purchasing a condo so you are not hit with any surprises. Sitting down with a lawyer and a real estate agent to really crunch your numbers will help you to know whether or not you are truly prepared financially to take on the responsibility of ownership. Make sure you only look at condos for sale that you can afford.

Tips on what to avoid

  • The little things you might not think about can really make a difference. Here are a few things to avoid:
  • Units that are situated near a high-traffic zone. You won’t want that noise near your living space!
  • Units near elevators. Again, this would be a noisy location you might not like.
  • Condos that overlook unpleasant sights, such as trash pickup areas or parking lots.
  • It would be wise to choose condos for sale where the majority of your neighbors are owners, rather than renters. Owners generally are more quiet, settled people who will take more care and pride in their area.
  • Avoid communities or areas of town that aren’t appealing to you. Even if you like the building itself, if you don’t love the area around it, you will regret it.
  • Don’t make any final decisions until you’ve been in the unit several times, and really looked at all the nooks and crannies.
  • Don’t make a purchase until you’ve spoken with some of the neighbors you will have. They can give you invaluable advice about living there, and their experience could very well make or break your deal.
  • Be sure to FULLY understand all the fees you will incur, such as condo association dues, maintenance fees, and closing costs.
  • Never buy a condo unit you don’t love, or one with a view you don’t love. This is a major purchase and the last thing you want is buyer’s remorse!

For more information on hunting for condos for sale, call Jerry Pinkas today! You will get expert advice on all the aspects of looking for the right condo for your needs.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577

Buying And Owning Waterway Condos For Sale

Buying And Owning Waterway Condos For Sale

Waterway condos for saleBefore you start looking for waterway condos for sale to invest your money in, one of the first things you will need to know is the specific type of condo ownership that you want to get into. This is especially true if you are planning on a long term condo investment that earns profit.

You should know that there are three types of condo ownership. Unlike buying a single family home where in you can choose to buy both land and the property or the land only, there are other factors involved in determining condo ownership. These ownership types generally depend on the condo building association as well on your purposes in buying waterway condos for sale.

The three types of condo ownership

1. Undivided interest on the entire property
This is the most common type of condo ownership where the buyer pays for an undivided interest on the entire property along with the right to own and occupy a unit in the said property as well as the right to use common areas in the same property. These common areas, as defined by the condo building association, may include swimming pool, parking area, recreation room, dance hall, gym, basketball court and other sports related play area, rooftop and dock.

2. Planned Unit Development or PUD
This type of ownership gives the owner the land on which the waterway condos for sale are built, the condo unit, and the streets as well. This is more common in low-rise condo building and single-family home residences. Keep in mind that if you choose a planned unit development type of ownership, you will be the one to maintain the entire land, the condo unit as well as the streets where your condo unit is situated. However, you can set up an agreement with the homeowners’ association so that they will be responsible for the maintenance of streets.

3. Co-op
A co-op ownership is one where you buy a condo unit from a stock cooperative. The condo building where you want to buy a unit from is owned and managed by a stock cooperative which runs differently than condo building associations and homeowners’ associations. The primary difference, however, is that you are actually buying stocks in the building unlike with the other types of ownership where you buy a portion in the deed of the entire property. So instead of a deed certificate, you will receive a stock certificate. And when the condo building earns profit by the end of the year, you’ll have your share of profits depending on the stocks you bought.

It is important that you know what type of ownership you prefer at the beginning of your condo investing venture to ensure that you are in the right path. Knowing this will guide you on what direction to take and decisions to make.

Need help looking for quality waterway condos for sale? Jerry Pinkas Real Estate Experts can help you! Call them now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577

Helping you find the best waterway condos for sale and all the information you need for your condo investing venture.