Most people will have some idea about
their preferred location, size of their unit and a list of “must have” amenities.
But the question is: should you pick a brand new condominium for sale which has
not been built or a resale unit which has been previously owned?
Before picking a condominium for
sale, it is advised to hire a professional realtor to help you with the buying
process. It costs you nothing, since the seller pays the commission. However, make
sure that you also have a good lawyer by your side. Seeking financial
qualification is best also to determine how much mortgage you can afford. Each
has its own pros and cons and depending upon your ability to be flexible with
your closing dates either type may suit your needs.
Brand new condominiums for sale in
most instances are presented to you with a lot of floor plans, model suites and
other proposed layouts. Consider that you are buying your unit from floor plans
and it is sometimes difficult to visualize the final product. The outcome may
be worse than expected. New condominiums for sale means that a developer will
rely on the contractors and approvals from governmental bodies to complete the
project; thus delays on releasing papers may be expected at this point. When
talking about warranties, this provides purchasers with warranties for defects
in the unit and common areas as well as added protection for deposits paid to
the developer. Make sure that the compensation would follow the requirements
that are applied by the city.
Resale or old condominiums for
sale are units that are in existence and that have been previously owned and are
not being purchased directly from the developer. In this case, there is no need
for you to guess how it would look like. However, make sure that the status of
materials and environment are still good and habitable. Having a status
certificate is the way to deal with issues. The certificate will include all
the condominium documentation and will have important information as to the
financial status of the condominium corporation. It will determine whether the
corporation has obtained sufficient funds for anticipated repairs or
renovations.
Whether new or old, condominiums
for sale in either case should be surveyed closely to ensure that once you find
the unit that you want, you get to review together with your lawyer the exact
costs and the papers to follow. Consult a professional realtor if you have
further questions.
Tampa Bay Realty LLC
1408 N West Shore Blvd Suite 1000
Tampa, FL 33607
(813) 908-0706
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