Considering buying a condo? A condo is a huge commitment, somake sure you read these five factors to keep in mind to ensure youpick the best condo for you!
Get the Amenities You Want
One of the huge perks of buying a condo is having access toamenities! There are so many condos to choose from, so why not bepicky? Narrow down the search by knowing what amenities willpositively impact your everyday life. For example, maybe you go tothe gym regularly- many condos offer gym memberships right in yourown complex. Or maybe you love to swim, but would never want tomaintain a pool. Another perk of condo amenities is that they arecleaned and maintained, so you don't have to lift a finger!Whether it's a hot tub, gym, or fireplace - make sure youchoose a condo that offers amenities to fit your lifestyle.
You may also want to consider having access to fresh air or openspace. During the 2020 Stay At Home Order, many condo owners weredisappointed by the fact that they didn't have a balcony or apark close by, so it may be helpful to check what outdoor areas areavailable.
Find The Perfect Location For YOUR Needs
Whether you're looking to live in the condo or rent itout, location is key. If you plan on living in the condothere's a few key questions to ask yourself:
How far will my commute to work be?
How far will my kids commute to school be?
Am I close enough to the city/mountains?
Am I near restaurants/parks?
Do I feel safe and comfortable in this area?
Location is one of the most important factors to being happy inyour condo. Just think- if you are too far away from your dailyactivities, this will be an ongoing hassle that you can do verylittle about. Make a list of what types of places you want to beclose to and use that list to narrow down your search. Also, makesure that you feel comfortable and safe in the area. Drive throughthe complex at night to make sure the parking lots arewell-lit.
If you plan on renting out the condo some questions mayinclude:
Is this area in high demand?
How many rooms could I rent out?
How far is the condo from where I am living?
Just because you are not living in the condo does not mean youcan forget about location. You do not want to get stuck with acondo that you can't rent out. Make sure you set yourself upfor success by doing research and getting professional insight froma real estate agent.
Know Your HOA Fees
HOA is the Homeowners Association. Condos typically have HOAfees that can include various services, such as maintaining thecommon areas. Remember that even when the condo is paid off, thereare still HOA fees to pay. Before you set your heart on a specificcondo, make sure that the HOA fees are going to be manageable foryou. On the flip side, also take into consideration what your HOAcovers cost-wise. As well as maintaining amenities, many condosalso include garbage disposal, water/sewer fees, and other coststhat add up quickly.
Pick The Right Agent
Before you go condo shopping, understand the benefits of a greatreal estate agent. Agents have talent and knowledge that will helpyou find the best condo for the best deal. They understand themarket, know the neighborhoods, and have many skills to assist youin the purchasing process. Even if you do have some knowledge whenit comes to real estate- moving can be stressful. Hiring aprofessional is a great way to save time, energy, and get the mostfor your buck.
Know The Association Rules
You planned on adding a fence for privacy, but then you realizethat it is against association rules now what?! Make sureyou check the rules before purchasing a condo, so that youdon't set yourself up for disappointment. You want to be ableto make the place your own, so knowing and understanding the rulesis a must. Some condos are more strict than others, so list this asan important, pre-purchase task. However, once you get undercontract on your new condo you will have time and opportunity toexplore the association rules during what's called the DueDiligence Period. If you should find something in the rules thatyou find unacceptable, in most cases, you will be able to get outof the contract without any penalties.
Buying a condo is a huge personal and financial commitment,so be sure to keep these five factors in mind before you buy! Atthe end of the day, it comes down to how much time and research youput into the search. A simple first step is writing out a list ofwhat it is you are looking for. From there, you can do the researchand find a real estate agent to assist you with therest.
Considering buying a condo? A condo is a huge commitment, so make sure you read these five factors to keep in mind to ensure you pick the best condo for you!
Get the Amenities You Want
One of the huge perks of buying a condo is having access to amenities! There are so many condos to choose from, so why not be picky? Narrow down the search [...]
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