Purchasing a condo is a tricky proposition. It’s easy to make a mistake when you’re browsing Rego Park condos, especially if you don’t have an experienced real estate team on your side!
Since buyer mistakes are so common, we like to give our clients a heads-up early on in the purchase process. Here are four typical missteps that you should do everything you can to avoid as you’re looking at condos:
- Mistake #1: Not understanding the potential closing costs.
We see a lot of condo buyers breathe a sigh of relief when they realize that their monthly mortgage payment is doable. Many of these same clients forget that the monthly financial responsibility is only one piece of the puzzle. Don’t forget to research closing costs, including taxes, insurance and other related fees, to ensure that you’re comfortable with the amount you’re spending.
- Mistake #2: Neglecting to review the building’s financial situation before buying.
Before you commit to Rego Park condos, you need to know what the HOA’s reserve account looks like, if there are any HOA fee increases coming up or if any special assessments are on the horizon. If you don’t know where to find reliable information, ask your real estate agent to assist.
- Mistake #3: Not reading the building’s rules.
The CCRs (conditions, covenants and restrictions) are the rules that guide residents’ behavior and keep the peace in the condo community. If you’re interested in a particular condo, check out the CCRs to determine if there is anything on there that you can’t tolerate, such as a strict pet policy.
- Mistake #4: Skipping over Rego Park condos that have been on the market for a while.
Sometimes stale listings are a red flag, but other times, they are simply homes that haven’t moved off the market. Don’t count these homes out just because they’ve been on the market a while! In many cases, they are great condos with motivated sellers who are willing to cut a deal for the right buyer.
If you’re looking at Rego Park condos, we can help! Contact us today to see what’s available.
Call us today at (718)997-6000 or email us here for more information.