Making a bad home purchase can be one of the most costly mistakes a homeowner can make. So you’ve been looking at homes and decided to buy a condo. Don’t make the mistake of being stuck with a money pit!
Buying your first condo is a huge step, make sure you consider some things first.
Here are 5 key tips for buying your first condo.
1. Determine If A Condo Is Right For You
Not everyone will be a great fit for a condo life. You will need to be very realistic with yourself to know whether or not buying a condo is right for you. Be sure to look at the difference between purchasing a house and purchasing a condo so that you don’t miss anything important as well as check your finances before committing.
2. Get A Realtor Who Knows Condos
The realtor you choose is important in any situation. When it comes to condo’s you will want to make sure that your realtor knows their stuff before showing you condominiums for sale. They should be well versed in the various associations present in your city, along with what to expect from purchase so that they can help guide you away from any real estate mistakes.
3. Ask About Association Fees, Special Assessments, & Other Fees
The difference between buying a home and buying a condo is the fees. Condos will typically have a variety of monthly and annuals fees that are payable by the owner. Be sure to ask about what all the fees are for the particular building and the amounts so that you’re prepared.
Ask to see the building’s special assessments for any upcoming planned projects. When condo buildings take on bigger projects in the building such as redoing the roofs, or the entryway, the residence are expected to chip in to help cover the cost.
Your association fees are mandatory membership fees that you pay to live in the building. Ask about what they include as well as each building is different. Be aware that some buildings will also include parking fees for your vehicle.
4. Don’t Forget About Regulations
Before committing to a condo, ask about the building’s regulations. Each condo building will have its own rules and regulations regarding quiet hours, whether pets are allowed and if so restrictions to their size and breed, down to how many guests you can have and when.
If you’re not a fan of having too many rules governing where you live, the condo life might not be for you.
5. Talk With Your Potential Neighbours
You’ll never get more truth than straight from the horse’s mouth. When you go to visit the condo buildings stop and talk to the people you run into in the halls and elevators. Ask them about their experience living in the building and any tips or advice they have for you.
They’ll be able to provide better insight than the real estate agent or building manager can and get to the root of what living there would be like.
Condo Life Has Its Perks!
From not having to worry about lawn care, to having someone take care of any exterior issues to your building, condos definitely have their perks and now you’re ready to go find your perfect one!
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