Preparing to Buy Your First Condo

The housing market has been hot throughout 2021, and rent prices in major cities have increased, so many are turning to homeownership instead. Apartmentlsit.com recently stated that the first part of the year saw the fastest growth in rental prices since 2017 – an 11.4% national rent index increase from January alone. While it can feel like homeownership is far off with high rental prices, there are practical ways you can prepare for homeownership – condos included!

If you have your sights set on home or condo ownership in the future – check out Continuum condos for sale. We are centrally located on South Beach, close to some of Miami’s best bars, restaurants, beaches, and activities.

You can start saving money right now, even if it is a small amount. Per what fits into your budget, set money aside in a dedicated account for your down payment every month. Having it in a separate account will keep your money separate and remove the temptation to spend it on something else. Breaking up a large financial goal into smaller pieces can make large numbers more manageable.

You will also want to work on your credit. The average credit of a home/condo buyer is 716. If your score is below that average, you can improve your credit through numerous channels before making that big purchase. Consolidate and reduce your debt, pay bills on time, and use your lines of credit responsibly.

These steps may seem small now, but they will get you on your way to purchasing your dream home at Continuum South beach.