If you're considering a condo purchase in Abaco Bay, there are several deadly condo buying mistakes you should be aware of, so you can be sure you can avoid these mistakes. These mistakes are common and cost condo buyers thousands upon thousands of dollars every year. These mistakes are buying too much condo, not having padding for hidden costs and not getting the condo inspected.

Mistake #1 - Buying Too Much condo

This is by far the most common real estate buying mistake in Abaco Bay. Most people believe that lenders will only approve you for as much condo  as you can afford. For example, they may pre approve you for up to $500,000. That does not mean you should buy a $500,000 condo!

Instead, it's important to calculate how much you can really afford. Make this calculation both based on the down payment and the monthly payments. Be conservative with these numbers.

Mistake #2 - Not Accounting for Hidden Costs

Closing costs, inspection costs, repairs and last minute costs tend to always surprise buyers. Buyers who go into a real estate transaction with only enough money for a down payment often run into the problem of not having funds for last minute costs.

To save yourself the stress, save yourself money and improve your condo buying experience, it's important to have some spare padding cash to help ensure the condo buying process goes smoothly.

Mistake #3 - Not Having the Abaco Bay condo Inspected

Having the Abaco Bay condo you’re buying inspected is absolutely crucial. Although this may seem like common sense, thousands of lawsuits are filed every year over property issues discovered after the purchase that could have been found if the buyer had just gotten an inspection.

The few hundred dollars an inspection costs are well worth the money. On top of the inspection report, you also get to ask the inspector any questions you need about the plumbing, electrical systems and foundations, so that you can really get peace of mind with your purchase.

There is a lot of free information available to you about buying, selling or investing in Abaco Bay condos. For complete information about the Naples Florida real estate market including current Abaco Bay condos for sale, property values and more please visit the most complete website online dedicated to everything Abaco Bay by clicking the blue text link. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 239-285-7443 or email me at Ben@TaylorDonovan.com. You can also contact me via the form below.

Your Abaco Bay Expert,

Benjamin Sovacool