(Newswire.net — September 27, 2019) — What are the things to look for when buying a condo? If this is your first time dealing with condos, don’t sign any condo contracts yet: you need to know the steps to buying a condo first! Although a condo is a residence like any other, it’s not similar to a single-family house, as it contains extra supplements not found anywhere else. That’s why, and before you make any decision, get to know how to buy a condo for the first time and what it means to actually own one.
Things to Look for When Buying a Condo
Don’t know what things to look for when buying a condo or a new home? You should firstly look for a real estate agent that specializes in condos, learn how to finance your condo and much more when preparing for homeownership.
What’s a Condo?
Condo is short for “condominium.” Unlike regular houses, a condo is part of a shared property in which other individuals own their own personal “unit” or condo. Condominiums contain exclusive features not found in regular neighborhoods, such as fitness centers, tennis courts, pools, etcetera. This, alongside the relatively low maintenance costs and the exotic idea of living in a community, is the main appeal of condos as a whole.
If you want to get a condo, it’s important to know the community rules beforehand, any association fees they might have, their specific amenities and so on. As a matter of fact, we recommend you to check the following things before even considering in getting a condo.
Steps to Buying a Condo
- Because condos and houses are unalike, it’ll be better if you hire a real estate agent with experience in condos so you can understand the type of contract you’ll have to sign.
- Financing a condo is tricky, and many lenders don’t allow condo purchases. You’ll have to check your best financing option – a loan or a mortgage – through some research.
- Before purchasing a condo, get to know what it actually includes. This might sound silly, but even getting a parking lot is a contract thing. Research what you’ll have and what you WON’T have!
- Every condominium has a monthly, quarterly, or annual fee that each resident has to pay for community expenses, insurances and other amenities, such as the gym and the pool, if any. Know what the association fees are and what they include before anything else.
- As you can expect from a community, there are regulations that exist in order to “keep the peace” among neighbors, so fully review the community rules before anything.
- Ask about special assessments, which are large fees that cover any significant project inside of the community. This might mean that association fees might raise for a time, so get to know if there are planned assessments in the future.
- Who does the community maintenance? Research the management company in charge of the local maintenance. Believe it or not, but a condo’s success largely depends on the services and reputation from its maintenance company!
A Condo or a House?
You must ask yourself with all seriousness if you need a house or a condo. As mentioned above, living in a condo is much more different than living in a single-family residence in an everyday neighborhood, so you must weigh the pros and cons with all seriousness.
The major difference between a condo and a regular house is that your residence will be closely attached to those of your neighbors – it’ll be as living with roommates with a house each. Can you stand this? And the fees you’ll have to pay monthly? Remember: living in a condo asks for special commitments you can’t walk away from that easily. Although if you are looking for a home, look for the cheapest ones that still meet all of your requirements.
However, do keep in mind this: you’ll have access to a great array of amenities thanks to these commitments, and you won’t be doing any maintenance at all. You’ll truly live in an urban village, so don’t underestimate the pros either!
How much money do I need to buy a condo?
Actually, down payment requirements for a condo are similar to those of a single-family residence, but keep in mind the association fees. That would, in theory, add some extra cost in the long run. Since buying a condo is quite an investment, it’s important to know what not to do before buying a new home.
Is a condo a good first home?
Indeed, especially because maintenance will be covered by the community fees. Also, it’s a unique experience to share your costs with other people and to live surrounded by thousands of amenities! Be sure to view the condo prior to committing to it.
Bottom Line
As a conclusion, the things to look for when buying a condo can be summed up this way: the fees, the amenities and the things you’re willing to actually accept or even sacrifice when it’s time to sign some condo contracts. Even if you had no idea as to how to buy a condo for the first time, the steps to buying a condo are simple and straightforward as with any other residence. Perhaps the only things you have to watch out for are the extra costs your condo will bring to your wallet, but from there, you can decide if the condo life is a life you can do!