Urban Buying Tips

Real estate agents weigh in on the downtown buying process

By Liz Gray, FrontDoor.com | Published: 9/25/2008

Get the condo or loft of your dreams with these savvy buying tips.

Be prepared for your co-op interview.

After you've applied to become part of a co-op, the next step is an interview with the board of directors. If you're called for an interview, it's likely your finances are satisfactory for the building. Start out by impressing the board with a professional appearance.

"Dress in business attire -- you cannot be overdressed for a co-op interview," says Ferrari.

Ferrari also says that asking questions during the interview is a no-no.

"You don't want to volunteer any information that can hurt your chances of getting the property," he says. "You may want to renovate the whole apartment, and if one of the board members finds out you'll be making noise above or below their place, they may find a reason not to approve you."

If you're asked a question point blank, tell the truth. But the less information you volunteer, the better. Ask your burning questions after you get board approval.

Know what your HOA fees buy.

The monthly HOA fee covers exterior insurance on the building, so the only thing you need to insure is the contents of your apartment. However, if you're in a waterfront area, such as Miami, the fees for the exterior insurance can be steep.

"Insurance fees for the buildings are high because they include hurricane coverage," explains Lechuga.

HOA fees also don't cover individual property taxes for condos, so be sure to factor that into your budget.

Look for bargains in overdeveloped areas.

Even if you think an area is out of your price range, don't rule it out. If market conditions change and property demand slows, you could get a bargain.

"The Brickell neighborhood is one of the finest areas in Miami, but it has been overdeveloped," says Lechuga. "Right now, there are thousands of condos available and prices have fallen by 50 percent or more."

Know the tradeoffs of living in a multi-family building.

Living in a loft, condo or co-op definitely has its perks -- minimal exterior maintenance, a sense of community and lots of amenities -- but expect to sacrifice some freedom.

When you buy a loft or condo, you "have less of a say over fees, and what you can do with the property," says Skrabec.

<< Trending Towards Urban Living I What It's Like to Live in an Urban Home >>

GO TO: Urban Living Guide

More on FrontDoor:

• Waterfront Living Guide
• Luxury Living Guide
• First-Time Homebuyer's Guide
• City Guides: Explore Cities Across America
• Home Styles Guide
• Tools and Calculators

Comments