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I am a first-time buyer in the Phoenix area looking to buy a condo/townhouse. I am just researching and getting my ducks together but will not actually get into until about next spring. The main reason behind that is because I am in a lease until July 2021. I would rather not break the lease and it also gives me time to get proper research done and get organized. I think it's good to watch how things go as well as things change so quickly these days.
I have been saving searches on sites like Zillow and Realtor and Redfin for places that match my liking as welll as my estimated spending. My main issue is understanding when things start to get going what exactly happens with negotiations and all the costs that I hope will be expected by then. I do expect to pay a PMI but it may not be super high as I have a very high credit score. I just don't have 20% down (I was told it's not as common and not as important as you think or were told). I was told to apply for a conventional loan and I should be alright and get a good rate as well as a decent range (250k being the top of budget).
What are somethings that I should be looking out for when it comes to the searching process that pertains to condos/townhouses exclusively? I notice a lot of listings tend to leave out a lot of information and some just fail to photograph the property properly or sometimes exclude entire rooms or the patio/balcony
When I start actually doing tours, what besides the feel and ovbvious things do I look for? Also, how do you choose a good realtor? A good lender? I know shopping around is good but are some better than others or is it like the phone companies where they are all bad but you HAVE to pick one
Any advice you can give that maybe you wish you had receieved when you were first buying?
Look at the HOA covenants carefully. Understand reserve funds at condos. Ask about planned capital improvements.
Stalk your neighborhood of choice online. Join nextdoor, drive by in different times of day and night, really research to understand where annoying/loud/problematic neighbors might be ic you are buying anything that shares a wall
Shop your interest rate
Put as much money down as you can afford
Understand your market. Dint get huffy if you low ball and there are multiple offers. You didn't lose the place. You just didn't make an attractive enough bid. Learn from your mistakes
Be aggressive about going to see places quickly if the market is hot
Don't get your heart set in one place. Theres always another house
Also, how do you choose a good realtor? A good lender? I know shopping around is good but are some better than others or is it like the phone companies where they are all bad but you HAVE to pick one
Any advice you can give that maybe you wish you had receieved when you were first buying?
Thanks
Get some recommendations for good buyer's agents from friends or others you know who live in the same area you want to be in. And from that buyer's agent, get a referral to a good lender or mortgage broker you can talk to about financing types, how they work, and what your budget is.
Those will be your two best friends in the process. There's some good advantage in using a team that has worked together before.
Much of the other advice I agree with, but not necessarily this And this comes from helping many buyers find and get set up in their first home.
The benefit of a higher down payment, is of course, a lower monthly payment. Obviously, that's a good thing and financing a good monthly payment you can afford is very important.
The caveat for first time buyers, though, is that money, once invested in the house, is no longer available to use. I advise buyers to hold back some funds in cash if they can... a few to several thousand dollars if possible, more depending on the needed work already identified on the place.
Because it always costs more than you think, to get the household set up, get housewares and furniture and appliances and such, pay startup costs for services, and because something will go wrong or break and it will be something you don't expect.
Keep your options open and do what you think you need to do. There is no one right way.
OP~ Are you a member of CostCo? They have a "Real Estate" section. You might score a loan thru their affiliates. Also, there should be some other sites that may give you guidance.
As far as omitting photos in their adverts. I'd look at that as they're trying to hide something.
As far as HOA's go, I'd try to find a place that does NOT have one. (But that's just me.)
Hire a good agent that is very familiar with condos. They'll make sure you're taken care on the rest, from the right condo to the best lender for you. Forget the costco advice. Look on Zillow for agents that sell condos in the area you're looking. It's a good start. Then call a few and see who you like, trust, and connect with.
If at all possible, I wouldn't wait until your lease ends (you're losing appreciation + deductions). Phoenix is a hot market and it's not getting any cheaper. I also advise you to find a mortgage that allows you put the least amount down (e.g. if you're a vet, you can do zero down). Lower down payment = lower risk to you and, besides, why tie up your money that could be used for a cushion.
Personally, I wouldn't buy a condo, Based on what I've seen, higher HOAs and sometimes more than one HOA depending upon the community. HOA costs steal buying power.
July 2021 is a good time to begin to look as i expect prices will begin to come down. If you see that trend, wait another 6 months to buy, by winter time I expect you can pick up some good bargains.
At each home you're considering, find the closest grocery store. Spend at least 1 hr in the parking lot watching people come and go. These people are who you'll be living amongst.
Listen to your gut, and never discount the neighbor factor when buying real estate.
1. If humanly possible always try to squeeze into a 15 year loan vs. 30 year loan.
2. Get a quote for a personal umbrella policy from your agent to cover the purchase price of your home.
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And this comes from helping many buyers find and get set up in their first home. 
