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Advice for First-Time Homebuyers

By Mike in Buying Tips with 0 Comments

Purchasing your first condo in downtown San Diego is an exciting moment, but it is also a huge financial commitment. When buying a place, it’s vital to carefully consider every aspect, including the mortgage, the neighborhood, and the space itself.

Think About the Future

Consider how long you plan to stay in your place downtown. If you plan to stay for some time, make sure it has the features you will need for the future, for instance, dual sinks, a large closet, a nice patio or balcony, a gym, and a pool. If you’re planning to keep it mostly as an investment to rent out, you don’t need to spring for some of the nicer amenities.

Search for Grants

Depending on your profession and the location of your place, you may qualify for a grant to help pay for your condo or loft. Some grants are available for specific professions including farmers, teachers, and police officers. Ask your downtown San Diego real estate agent about supplemental funding options as well.

Look at the HOA Contract

Most condos and lofts in downtown San Diego will be part of a Homeowner’s Association. Be sure to read the contract thoroughly before making your purchase and familiars yourself with the membership fees and any rules or restrictions created by the HOA. In downtown, HOA fees usually start around $400 and can climb over $1000, adding a significant amount to your mortgage.

Have the Home Inspected

Having your potential new place inspected before purchasing is one of the most important steps of the process. Pay close attention during the inspection and make sure the inspector checks out the whole property.

Don’t Buy Furniture Immediately

The temptation to immediately buy all the furniture you need for your house will be strong, but spending a large amount of money on furniture right after paying the closing costs and the down payment can put you in a tight spot financially. Give yourself some time to settle in and rebuild your savings before heading out in search of the perfect couch.

Finding the perfect place can be challenging, especially in downtown San Diego where it seems like your options are endless. If you need help finding the perfect place to call home, give us a call at (619) 649-0368 and schedule an appointment. We specialize in condos and lofts for sale in East Village, Little Italy, the Marina District, and the Gaslamp. ')}