The purchase of your first condominium is exciting, but it can also be an intimidating experience. Real estate transactions have a lot of moving parts, and there is a considerable amount of money on the line. If it’s your first time buying a condo, these tips will help the process go smoothly.

3 Tips to Make Your Real Estate Transaction a Success

1. Consider Condo Association Fees

When budgeting your search, remember to factor in condo association fees. These are the payments you make to the condo association that cover landscaping costs and expenses like exterior painting and maintenance. You should also consider any additional costs of ownership, such as condominium insurance and property taxes.

2. Search for Financing in Advance

Before you complete a significant real estate transaction, make sure your finances are in order. Because of condos’ connected nature, it can sometimes be challenging to obtain financing. If the lender notices red flags in the condo association documents or if other units are in foreclosure, you might have trouble obtaining a mortgage. If many of the condos are already rented, the lender may feel the property won't hold its value and decline to invest. For these reasons, begin searching for financing as early as possible and work with a bank or mortgage company that isn’t shy about financing a condo purchase.

3. Work with an Attorney

A real estate attorney is a valuable asset during a condo purchase. They will walk you through the whole process, including closing. A lawyer will inspect the purchase agreement to make sure you aren’t being taken advantage of. The attorney can help you negotiate terms, and can often perform a title search to ensure that there are no flaws in the deed you purchase.

If a new condominium or other real estate transaction is in your future, contact Bernardini Law P.C. in North Andover, MA. Christine Bernardini is a real estate attorney who represents both buyers and sellers throughout Essex County. She and her team specialize in real estate law, including closings, sales agreements, and landlord/tenant matters. Contact them online or call (978) 794-5525 to schedule a consultation.