Do you love Memphis condos as much as we do?  Or maybe you have been thinking about the condominium lifestyle but don’t know where to start.  We have put together this simple but informative checklist to assist you in your search and make sure you don’t miss anything.  It is a step by step guide to your very own condo!

Contact a reputable mortgage broker to get pre qualified
There is no point wasting time with the other steps if it turns out that you are not able to qualify for a mortgage or a lease.  So be sure to get with a good mortgage person who can run your credit and tell you how much you can afford if you decide to purchase.

Decide which location or locations you are interested in
Most Memphis condos are located in Downtown or Midtown.  Do you have a preference between the two?  Are you looking for a river view?  How far is the condo development from where you work?  There is a reason why location is considered the most important factor in most people’s real estate decision. One of our favorites in Memphis that is not Downtown or in Midtown is the Lexington Condos.

Research the one or two locations you are most interested in via the internet
Today’s home shopper is better equipped than in any time before thanks to the internet. Before you spend hours or even days driving around town with a real estate agent, now you can widdle down your choices to your top picks before you step foot out the door.  There are tons of websites that will give you information about available condos, inkling sales or leasing info, photos, previous sales information, and tax assessor information.

Research the hidden costs associated with condo ownership
Most first time condo shoppers are not aware that condos come with some fees that traditional homes do not.  Nearly every condo development has a home owner’s association and levies association fees to cover expenses related to the exterior of the complex.  If the roof to the complex wears out, the cost is born by all of the owners through the association fees.

In Part 2 of our Memphis condos checklist, we will take a look at things like whether you should buy or rent and the all important final step you won’t want to miss!

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