Are you looking to buy a condo soon? Well, there are things to look for when buying a condo. For starters, purchasing a condo is not 100% similar to buying a single-family house. The approach is different, and so are other aspects.
Things to Look for When Buying a Condo
- Decide Whether a Condo Will Be Suitable For You
The first thing to think about are the pros and cons of a condo. Ask yourself if you want to live so close to your neighbors. In most cases, neighbors will be close to your door. If you cannot stand such closeness, then probably a condo would be unsuitable for you.
You should also consider the association fees involved in condos. You may be charged fees for lawn maintenance, landscaping and snow removal. If these are chores you want to handle on your own, a condo may be a bad idea for you.
- Go for a Real Estate Agent Experienced in Selling Condos
Selling and purchasing of a condo is different from purchasing other kinds of property. There are various contingencies that you may meet while buying a condo. You don’t want to mess up yourself.
It should be someone experienced in this specific niche. They will guide you in signing contracts, choice of a condo, and even making payment. Doing it alone for the first time is taking uncalculated risks.
- Financing the Condo
Financing of condos takes a different path to other properties. Many loan and lender products do not approve the purchase of condos. Condos are often purchased using cash due to the regulations set by lenders.
You may opt to acquire Federal Housing Administration Loan. However, you need to check if the condo community is accredited by an approved community list. Ensure that the condo community is 80% occupied too. For things to go smoothly, have in hand a considerable amount of money for a down payment.
- Know the Features of the Condo
Before getting a condo, be sure to know the final package. Most people overlook this step only to be disappointed later. Check if it has reserved parking spots. Confirm whether the parking spot is in a garage. Just ensure you are in love with the features of the condo before settling for it.
You may want to check whether amenities such as tennis courts and swimming pools are available.
- Be Conversant with Association Fee
In most condos, residents pay a specified amount monthly, annually, or bi-annually. This is mostly an insurance or maintenance fee. You know how the association fee is used. If you find the fee to be too expensive, move on and consider another condo.
- Carefully Go Through Association Rules and Regulations
Expect to be under regulations to help guide your stay in the community. Rules are mandatory if you live so close to neighbors. Review the rules, or have your attorney review them for you. You don’t want to get into the condo only to find out that you can’t keep up with some rules.
- Know the Maintenance and Management of the Property
Before moving into a condo, ensure you know the company that manages the property. Be well aware of the companies in charge of cleaning and maintenance of hygiene. Check out the reputation and reviews of the companies involved. You don’t want to get into a condo only to be frustrated by non-performing companies.
If you want a smooth living experience in your condo, consider the tips discussed in this post and know what not to do before buying property. Most first-time condo buyers don’t know what to look for when making their choices. Now you are armed with the things to look for when buying a condo. Make the best decision when looking for cheap condos that are everything that you’re looking for.