If you’ve decided that you’re ready to wade into the red-hot Minneapolis real estate market, then there’s no doubt there’s a fair amount of excitement pushing you forward. Whether you are looking for your first home or condo or you’re looking to scale up from your current condo, there is typically a decent amount of inventory available in the city.
So, as you flip through the options and visit the various properties that interest you, how can you make sure that your financial interests are protected and how can you ensure that you are getting the best deal possible and not over-paying when purchasing a condo? Here are some tips you can use.
Work with an Agent
One of the best pieces advice to give to someone looking to purchase a condo is to work with a professional Minneapolis real estate agent. These agents not only know the inventory available but they are also aware of things such as the average sale prices in various neighborhoods, a condo’s walkability score, how the location affects its price, what the property taxes are, how long the property has been on the market, etc. Their inside scoop can help give you a much clearer picture of the properties you are looking at.
There’s also the fact that the agent will be the one working on your behalf when it comes to writing up an offer and making a deal. Your agent is loyal to you so they are going to protect your interests at all times. They will disclose information to you, negotiate on your behalf, and make sure you do not enter a deal that isn’t good for you.
Don’t Shy Away from a Low Offer
A general rule of thumb is never to come in with your very best offer right from the start. Obviously, if you’re in a bidding war this is a bit different, but chances are you won’t find yourself in that position. Experts tend to recommend that with condos, you start with an offer that is worth 75% of the listing price. There is always the fear of “insulting” the seller, but at the same time, you may be surprised at how low they are willing to settle.
Step Away from Bidding Wars
One of the worst situations you can find yourself in is smack dab in the middle of a bidding war. In almost all cases you will end up over-paying and not getting a good deal. If there are multiple offers on the table, it’s usually a good idea to walk away and look at a different property. The only one who wins in a bidding war is the seller.
Ask Questions About How the Building is Managed
The final tip is to look into how the building is managed. Even if the asking price seems reasonable, if the building isn’t properly managed and maintained, then it’s not going to be a good experience for you.
Purchasing a condo can be stress-free when it’s well through-out. It’s an important step and one that requires plenty of questions asked along the way.