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The Home Inspection
The Home Inspection

The Home Inspection

  |   By AuthorMy First Apartment
Even after your offer is accepted, there are several steps before you actually own the condo. One of those steps is the home inspection. It’s something you arrange and it’s often treated as perfunctory or unimportant. In fact, though, the process should be taken seriously. Here are some tips and guidelines. What is a home…
How to Make an Offer on a Condo
How to Make an Offer on a Condo

How to Make an Offer on a Condo

  |   By AuthorMy First Apartment
So you’ve found the condo of your dreams. You’ve visited a couple of times, you’ve checked out the Association and you’re sure: this is the one you want. It’s time to put down an offer. While the process is straightforward, deciding the amount you want to offer can be a bit more complex. Have a pre-determined…
The Condo Down Payment: How Much to Put Down?
The Condo Down Payment: How Much to Put Down?

The Condo Down Payment: How Much to Put Down?

  |   By AuthorMy First Apartment
When considering how much you can afford to pay for a condo, the down payment often looms large. And for good reason: it’s a lot of money. But what precisely is a down payment? And how much of one should you make? First things first: a down payment is that amount of money you pay…
Your Condo Closing: What to Expect
Your Condo Closing: What to Expect

Your Condo Closing: What to Expect

  |   By AuthorMy First Apartment
For a first-time buyer the closing is fraught with anxiety. This is the moment when you’ll finally own your property, the point of no return. While this sentiment is accurate, keep in mind that the closing is usually a formality – a necessary formality, but a formality nonetheless. In other words, by the time you…
Surviving the Co-op Board Approval Process
Surviving the Co-op Board Approval Process

Surviving the Co-op Board Approval Process

  |   By AuthorMy First Apartment
Because co-op boards have the final say on whether you’ll be the proud new owner of an apartment in their building, the board review process can be totally intimidating. One way to make it smoother is to use a broker who not only knows the area, but is also familiar with the particular building in…
What is a Condo Association?
What is a Condo Association?

What is a Condo Association?

  |   By AuthorMy First Apartment
When you’re buying a condo, you’re essentially buying an apartment, right? Yes and no. You’re actually buying more than just your living area. You also have an interest in all the common areas around your unit, like the hallways, the lobby and the grounds. Since you own a share of the building, you need to…
Making Your New Condo Yours
Making Your New Condo Yours

Making Your New Condo Yours

  |   By AuthorMy First Apartment
When you buy, you’re in an enviable position. All of a sudden, after years of renting and having to put up with the paint color, light fixtures, appliances and carpeting that are already in the unit, you get the opportunity to really decorate. And not even just decorate – you can remodel. It’s a heady…
Should You Buy a Fixer-Upper?
Should You Buy a Fixer-Upper?

Should You Buy a Fixer-Upper?

  |   By AuthorMy First Apartment
In the course of your hunt, it’s likely you’ll come across a place that has a lot of potential. It might not be exactly what you want, but with a redone kitchen, new lighting, a second bathroom and freshly stained floors, it would be fabulous! In other words, you’ve stumbled upon the classic fixer-upper. It’s…
How to Review a Condo or Co-op’s Financials: 7 Point Checklist
How to Review a Condo or Co-op’s Financials: 7 Point Checklist

How to Review a Condo or Co-op’s Financials: 7 Point Checklist

  |   By AuthorMy First Apartment
Once you’ve found your condo or co-op, but before any money changes hands, you need to take a look at the building’s financial statements. (Your broker will be able to get a copy.) This step is important, because while you may be a financially stable person, your finances will now also be tied to your…
The Pre-Closing Walkthrough
The Pre-Closing Walkthrough

The Pre-Closing Walkthrough

  |   By AuthorMy First Apartment
It seems like everything is in place. Your offer has been accepted, the unit has been inspected, you’ve secured a mortgage and found insurance. You’re a few days from closing. All that’s left is transferring money for the down payment and a few other formalities before you actually close. Right? Yes and no. You still…