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These are my concerns:
(1.) Anything less than 800 square feet will be too small for this family.
(2.) Make sure the bank approves you first-is this done? You should not be looking until the bank pre-approves you.
(3.) Can you afford the down payment? Figure 20% of the price as what you have to pay in cash. Do you have for example 20% of $250,000 or $50,000 in cash in the bank right now???
(4.) Can you afford the taxes, insurance, oil, electric, gas, phone, cable and maintenance every month??? figure another additional $400 a month.
(5.) Will this be too much pressure on you financially to pay the mortgage every month? This may be $1,200 a month-at the very least . With everything it may be $1,600 to $1,800 a month ! Did you realize that? This may mean you will work two jobs for 30 more years…. It might not leave much money every month for things like car expenses, food and entertainment. Everything is so expensive today you have to watch all the hidden costs that the no one will tell you about.
(6.) You need to physically go and inspect each one. You may have to go look at 15 condos before you find the right one.
(7.) All condos have by laws. These have to be reviewed very carefully first before buying. These are legal contracts that can bind you financially to certain common expenses ie. snow plowing, parking, maintenance, ect.
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