Looking at condos in Hugo, MN? You’ll need some good strategies to sort through what you are really looking for, what you can afford, and where you should start your hunt.
There are some good tips for everyone in this article, Five Strategies For Navigating The Summer Real Estate Market, which likens the current real estate climate to a summer clearance sale! Indeed, prices are low, and the time is perfect for buyers. But that doesn’t mean that you should go crazy and forget about some important common-sense strategies! Namely:
1. Know the lifestyle you want to live. Think through all your financial plans. This will prevent you from finding a “steal” on a condo and buying it even though it doesn’t really fit you or your plans. A cheap condo that doesn’t fit your lifestyle isn’t cheap!
2. Be realistic. Even in this amazing buyer’s market, you likely won’t be able to get every single thing you want for dirt cheap. If you’re looking for months and finding that you’re not finding everything you want in one condo, take your list of “must haves” and pare it down a bit – see if a few of them are negotiable to “would likes”.
3. Find a real estate agent who knows Hugo. You need someone with laser-like knowledge of a specific real estate market.
4. Read, read, read. Too many people get fed up with the process of condo-hunting, and “just want to get it over with”. Don’t fall into the trap of not reading every piece of paper that you sign carefully.
5. When you’re done reading, write. Write down what you can afford, and write down every “hidden cost” line item that you can find. As Ms. Nelson says:
On the scent of a good deal, and in the heat of the hunt, even the most meticulous homebuyer can go up a few thousand in offer price to beat out other buyers. No problem, right? Well, but then when the inspector uncovers a few needed repairs, they make a mental guess as to what they’ll cost, and add that in – again, mentally. Then, when the lender requires a few extra thousand bucks than expected to close, that goes on top, but again, only mentally. And mental money tends to stretch a bit longer than real money does!
The right condo for you is waiting in Hugo, Minnesota! With these five strategies, you will be well on your way to discovering a new home for sale that truly fits you, your budget and your lifestyle. We’d love to help you get started!