Condominiums can have an immediate appeal over single-family homes. They can be much lower in price, they tend to have a centralized location, many offer security features and amenities, have convenient parking, and you can skip out on doing any yard work or exterior maintenance. However, doing your research is essential to any property you plan to purchase. Whether you are looking to downsize or searching for your first home, condominiums can make the perfect home.
So before you begin searching for condominiums, here are 4 things to keep in mind when buying a condo:
Maybe your heart is set on living in the same town you grew up in; or maybe you are looking for a home close to work; or maybe you are looking to be near the beach. Before deciding if a condominium is right for you, it’s important to find the right location. If no condominiums are available in the area you are looking, then you may have to change your preferred property type or your preferred location.
Also, while you are researching the location, check to see what the crime rate is in the area. Sharing walls with someone that makes you feel unsafe may not be the best investment. Talk to the people that live in the area to get a feel for who your potential neighbors will be. Make sure your lifestyle doesn’t conflict with those of the people living around you. If you’re going to constantly be woken up at three in the morning from noisy neighbors, then maybe that condo is not the one for you.
- Management Satisfaction
While you are getting to know your potential neighbors, ask how they enjoy their purchase. Ask if they have any issues with the condo management and maintenance. If everyone is repeatedly telling you how they are unsatisfied, then it may be best to look elsewhere. Also look into how money is spent by management on the condominium, as well as if there are any past lawsuits and any that are occurring.
- Property Rules
Before committing to any property, make sure you are content with the condominium rules. Are you allowed to have pets? Can you install hardwood floors or make renovations? Are there quiet hours and noise regulations? Do you have designated parking? Make sure to look into all the rules so you don’t become trapped in an environment you dislike.
Finances are the largest concern of most people purchasing a condominium. Many condominiums are less expensive than buying a house; however, some can end up being more expensive. Be aware of the dues you will be required to pay to the Homeowner’s Association (HOA). These can include maintenance, repairs, amenities, parking space costs, and other special fees. Make sure to ask if there are any planned repairs/improvements in the next few months because that may increase your monthly payment. Insurance and property tax are also necessary payments, so it is important to look into the cost of both.
If you have any questions regarding these items, or how to finance your condominium purchase, please contact a Licensed Mortgage Loan Originator today by clicking here.