Buying an apartment – Information to keep in mind

The purchase of an apartment, a condo or a co-op can be a big step forward, especially if you have never rented it before. You need to keep some things in mind to be sure to find the one that offers everything you need, at an affordable price.

Make sure all the apartments you are considering meet all of your most relevant needs. Determine what is most important to you, such as proximity to your workplace or a good school system, and stick to it.

Prices can vary considerably with regard to apartments, depending on the location and features. Before you start shopping, make accurate calculations based on what you can actually afford, to avoid unpleasant surprises later.

Working with a real estate agent can sometimes be the best option. Although you can certainly locate apartments and schedule tours by yourself, real estate agents can facilitate the process.

Once you have found an apartment that you really like, be sure to inspect it carefully. Look for anything that may need to be repaired and, if you encounter a problem, set it before signing a contract.

Examine your financing options carefully so you do not be fooled by hidden terms. Do not sign any loan agreement without understanding all the details and consult a lawyer specializing in real estate if necessary.

Once the contract is approved and signed, the seller will also have to review it and accept it. Make sure you have other necessary permissions, such as those provided by the property&39;s board of directors, if any.

Once the contract has been signed on both sides and your financing is completed, you just have to wait for the official end of the transaction. It is not unusual for this process to take between sixty and ninety days.