condo

10 Things To Consider When Buying A Condo

Many people op to purchase a condo for various reasons. It could be the location is close to work,
maybe it’s in an urban area, or simply the low maintenance that traditionally comes along with condos. Whatever the reason, consider these ten things before deciding to make the investment.

PRICE   Typically, condos can be found in a wide variety of price ranges, suiting the budget of just about everyone. The attributes that will drive the price up are location and what kind of upgrades have been done.

LOCATION   If you want a condo that is close to schools or your work place, look for buildings that are in walking distance. This will save you time and money on transportation. Or look for buildings that are close to public transportation.

OTHER OWNERS   While you are looking, you may want to do some research regarding who is living in the building. Most likely if you are older, you probably are not going to want to live with condos full of younger adults. Same goes for younger adults that may not want to live in a building with seniors. Do your research!

ASSOCIATION FEES   Let’s face it, you’ve found the condo of your dreams, it’s near the top of your budget, but you can make it work if the home owners association fees are reasonable. Guess what, they aren’t! Make sure that you ask this question before you look at the condo. Fees can range from $100’s-$1,000’s every month depending on the building and location.

AMENITIES   Many buildings offer pools, spas, gyms, laundry facilities, etc. If you are looking for specific things make sure you tell your real estate agent these details, so they are not wasting anyone’s time.

ASSOCIATION RULES   When you purchase a condo, you may be doing so for an investment and to rent out. Some buildings do not allow more than a certain percentage of units to be rented out to anyone, they must be owner occupied. Also, rules may include what kind and the size of the pet that you may keep. There are breed restrictions, so be sure to find that out before hand as well.

SIZE   This is crucial. Make sure you know the condo you are about to purchase is big enough for you, whomever else, and all your belongings. You will not be able to build an addition!

STORAGE   If you are going to need extra storage, you may want to look at buildings that have storage lockers in the basement for your convenience.

MAINTENANCE   Appearance is important, look around at the grounds of the building and ask yourself those simple questions. Is the grass cut? Are the hedges maintained? Are there flowers? Is the outside of the building in good shape? Is the paint fresh and clean?

INTERIOR LOCATION   The location of a condo within the building is important to some people. Corner units may be the most quiet, while condos on higher levels may provide the best views. On the other hand, a ground-level unit may be best if there is not an elevator in the building and you do not want to walk up six flights of stairs multiple times a day.

If you are thinking about purchasing a condo, contact one of our professionals today! View our listings here.

 

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