The spring buying season is in bloom, even in this lackluster economy so you want to give yourself an edge. Knowledge is power, especially when you’re buying an apartment, which is probably the biggest investment you’ll ever make. That’s why it’s so important to get the lowdown, the pros and cons, and the facts and figures before you fall so in love with the place that you are seduced by the beauty is skin deep syndrome and become blind to reason.
One of the key things to remember is that your aren’t just buying an apartment, but also becoming a co-venturer in a business enterprise and a citizen of a mini-state. Although co-ops and condos may look alike, they are in many ways very different. The first thing you have to do is understand the characteristics of each so that you can figure out which is right for you. Just as important is whether the building passes financial muster — and whether you do. Of course you’ll also want to know what the board is looking for and how to give it to them the first go round so it doesn’t come back hounding you for additional stuff.
Also coming up are tips on how to check out the markeplace and get info on comparables, what it will cost to close — and more.