SAlLT LAKE CITY, UTAH Purchasing your first condo is an exciting milestone. This guide breaks down the journey into clear, actionable steps—paired with an infographic to visualize each stage. Let’s dive in!
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1. Set a Budget
- 1. Calculate your total monthly income.
- Factor in existing expenses (rent, utilities, subscriptions, etc.).
- Determine a comfortable monthly mortgage payment (aim for no more than 30–35% of your income).
- Research down payment requirements (typically 3–20% of the condo price).
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2. Get Pre-approved
Call Carli Spradlin at
801.318.3620 to get pre approved for free
- Gather documentation: pay stubs, bank statements, tax returns.
- Shop around: compare rates and terms from multiple lenders.
- Submit your pre-approval application.
- Receive a pre-approval letter, which strengthens your offer when you find “the one.”
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3. Find a Real Estate Agent like Dave Forsberg from Presidio Real Estate
801.651.0707
- Look for an agent experienced with first-time buyers and condos.
- Ask about their experience with local properties and negotiation skills.
- Confirm they’re tech-savvy—virtual tours, digital signatures, and fast communication matter.
- Establish clear communication norms: response time, preferred channels, etc.
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4. Search for Condos
- Define must-haves: location, square footage, amenities, HOA fees.
- Use online platforms and your agent’s MLS access.
- Attend open houses or schedule virtual tours.
- Keep a checklist to compare properties side by side.
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5. Make an Offer
- Analyze comparable sales (comps) with your agent.
- Determine a competitive yet prudent offer price.
- Include earnest money deposit to show your commitment.
- Set contingencies (financing, inspection, HOA document review).
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6. Conduct Inspections & Due Diligence
- Hire a licensed home inspector to evaluate the condo’s condition.
- Review HOA documents: budget, reserve funds, rules and restrictions.
- Check for upcoming assessments or litigation against the association.
- Adjust your offer or negotiate repairs based on inspection findings.
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7. Secure Financing & Close
- Lock in your mortgage rate.
- Complete lender-required steps (appraisal, underwriting).
- Review closing disclosure for final costs: loan fees, taxes, insurance.
- Attend closing, sign documents, and collect your keys!
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8. Move In & Settle
- Plan your move-in date and logistics.
- Set up utilities, internet, and renters insurance (if needed).
- Introduce yourself to neighbors and explore community amenities.
- Celebrate—your new home awaits!
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!Infographic: Generation Z Steps to Purchasing Your First Condo
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Bonus Tips for Gen Z Buyers
- Leverage tech tools: budgeting apps, virtual staging, and online mortgage calculators.
- Explore down payment assistance programs for first-time buyers.
- Build credit early: pay bills on time and keep credit utilization low.
- Consider future resale value: proximity to transit, good school districts, and neighborhood growth.
What's your biggest concern about buying a condo? Let’s tackle it next!
Dave Forsberg
Utah King of Condos
Presidio Real Estate
801.651.0707
@forsiecity
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