subject: Dont Forget These Factors When Buying Miami Luxury Condos [print this page] Pre-approval Pre-approval
Once you managed to arrange your finances and are officially ready to choose one of the many Miami luxury condos, consider applying for a pre-approved mortgage. While it is certainly harder to apply for a pre-approved mortgage considering the current economic climate, if you manage to land one, it will definitely pay off during the negotiation.
Choices
When you are scouring the city checking out several Miami luxury condos, dont forget to explore several choices. Dont limit yourself in one neighborhood. It will be helpful if youve determined your needs and standards beforehand. Nevertheless, before you make an offer to a property, make sure you have another candidate in case the deal falls through with the initial choice.
Unit Tour
After hiring a home inspector, dont just lie around waiting for the results tag along. Nowadays, it pays to be a meticulous homebuyer even when it comes to the choice of inspector. If you choose to join the inspector during the inspection date, youre not only going to learn about your future home but also determine if the person you hired is truly a certified professional or just some fly-by-night humbug.
Association
Every condominium or even neighborhood has its own association. You must make sure that you know all the important details regarding the operations of your future buildings homeowners association. Furthermore, dont skip on your homeowner. Check the background of the buildings association to see if it has been tied to any litigation in the past. Legal troubles spell for possible red flags, but not always. Most of the time, the claims are made by disgruntled and unruly owners who want to get back at the association.
Closing
Lastly, dont forget the closing day. While waiting to close on the Miami luxury condo, make sure you are prepared for any surprise fees that commonly emerge during closing. Many purchases are jeopardized by being unprepared to closing day surprises. Even if youve memorized the contents of your good faith estimate it doesnt necessarily mean that you're already on safe waters. Have some extra money on hand in case extra fees come up.
