Sunday, May 6, 2007

Educational Buying

The condo-buying process has been an educational one! Here are a few things I've learned while going through the process:

1. Repointing is the process of repairing bricks on old buildings. Overtime the masonry between the brick can start to decay and as they decay water can leak in and cause more damage. This is something that happens to all brick buildings, but when buying a condo it can add an extra expense to your monthly condo fee if the building has to have this done.

2. PSA. As with any field, you learn a ton of acronyms as you're going through the process of buying a home. A PSA is the Purchase and Sales Agreement. This is usually signed after you've had your inspection done and it's the official legal document that you sign saying that you ARE going to buy the condo and that you DO have the money and you will have the down payment by the closing date. Also included in this are any contingencies such as repairs that need to be made (my toilet needs to be fixed) by the owner or payments they must make (such as paying for the repointing that may need to be done on the building)

3. Staging. For those of you who aren't obsessed with HGTV, to help sell homes Realtors stage the condos. At open houses Realtors do a number of things to make the home seem more inviting. For instance, they light candles, play classical music, put out place settings on the table, turn on all the lights and pull back the shower curtain to make the bathroom appear bigger. Staging goes as far as having the people have an insanely organized closet as well as asking the home owners to remove some furniture to help with the flow and layout of their home.

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