The decision to buy a Downtown San Diego Condo is one of the biggest financial decisions you will ever make. Here are five key points to keep in mind while purchasing.
1. What condition is the home in?
During the purchase process, you as the buyer will have a chance to conduct a property inspection. This is a very important step to take to ensuring that you’re purchasing a home with no structural defects. In a Downtown San Diego Condo building, the property inspection covers anything “walls-in.” As the rest of the building is the responsibility of the HOA. You can also request that the seller provides a history report, from a site such as homeverified.com, which which disclose wether the home has ever has an insurance claim for fire or water damage, amongst other issues.
2. Talk to the neighbors
During your inspection, or before you put in an offer, feel free to walk around and ask people about the house you are interested in and the neighborhood. Speak with the security guards and doorman. Sellers may still try to hide things they think will lower their property value. Also ask the neighbors whether there are neighborhood issues, such as the street noise. Search the property address online to see if anything negative comes up.
3. Put everything in writing
Make sure everything you expect on closing is included in your offer. If you’re asking that the unit comes furnished, make sure to include and addendum which includes what furnishings should be included. Ask for two complete sets of keys. Also add that the property must be left in a clean and broom swept condition, so that you do not have to pay to remove the seller’s junk.
4. Make sure you can afford it
Talk to a mortgage broker or your bank so that you know how much you can safely borrow. Make sure your lender will complete their appraisal of the property before you waive any financing condition. Be careful about getting caught up in a bidding war, because if your lender thinks you paid too much, they will not lend you what you may be expecting.
If you’re interested in purchasing a Downtown San Diego Condo, feel free to contact us anytime. We look forward to helping you find you next home.