5 Tips for Buying Your First Condo in DTLA

If you’re thinking about buying a condo for sale in DTLA, check out these five tips to make you as successful as possible.

5 Tips for Buying Your First Condo in DTLA

#1. Make sure it’s the right fit.

Owning a condo is a lot different from owning a house, so make sure it’s right for you. You’ll live in close proximity with your neighbors, and you’ll have to pay association dues (more on that later).

#2. Work with a Realtor® who’s experienced in selling condos.

Condos are totally different from single-family homes. You need a Realtor who understands that, and who knows what contingencies need to be in your purchase contract.

#3. Get preapproved.

Preapproval from a lender – not prequalification – is a big deal. It’s basically the lender saying it’s willing to give you money as long as your situation doesn’t change, and the lender only makes that offer after it has reviewed your income and credit score. When you’re preapproved, you’ll know exactly how much you can afford… and it can come in handy when it’s time to make an offer. Sellers are typically more comfortable taking a condo off the market to sell it to you if they know you can get the money to buy it.

#4. Know what your membership in the condo association includes.

Make sure you know whether you’ll get a reserved parking spot, whether you can have pets, and what the rules and regulations are for living in the condo.

#5. Know how much association fees will cost you.

Association fees vary widely, but your Realtor will be able to find out what they are when you find a condo you love.

Are You Buying a Loft or Condo in DTLA?

Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.

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