The purchase of a condo might be an excellent way to enter the housing market with a family without having to worry about the maintenance that is typically associated with single-family homes and townhouses. Condo residents can often take benefit from shared amenities, and the condo association will take care of the building's maintenance. In addition, condo inhabitants can expect to pay lower utility bills. You do not actually have to call the unit your permanent residence either. Condos have the potential to be profitable investments if the association allows tenants to occupy the units.
1. Take into account your current way of living
Do you despise having to maintain your garden? Worried that a big job like a new roof could sink you under? If you responded "yes" to any of these questions, living in a condominium might be the right choice for you.
On the other hand, if the desire to have a sizable backyard outweighs the amount of work that will be required to maintain it, then purchasing a different kind of property might be the better choice. In the same vein, if the idea of sharing walls, ceilings, or floors with a neighbor is repulsive to you, then a condo — which requires you to actually live on top of your neighbors — is probably not the best option for you. Those who are happy with the majority of characteristics of apartment living, sans the built-in maintenance responsibilities, are typically the greatest candidates for condo living.
2. Find a real estate agent that knows the condo landscape
If you have made the decision that investing in a condominium is the right choice for you, the next step is to look for a real estate agent who will work in your favor. To achieve the best results, look for a real estate agent that specializes in condos This person will be able to handle any issues you may have and lead you through important procedures, such as studying the condo association documents.
Your real estate agent has to be familiar with the condominium developments in your neighborhood as well as the potential problems that may arise with them. Problems with the community's finances, the structure or infrastructure of the building or buildings that make up the community, or the regulations to which you are unable to adhere are examples of the kinds of things that could have a negative impact on your life if you live in a condo. If there has been contention within the community about certain topics, a skilled agent will be able to let you know about it. They will also know which developments have done best in terms of resale values, which is a very important thing to know.
3. Think about the facilities you want to be included
There is a vast range of amenities that may be provided in a condo. Some may include access to a fitness center, outdoor grills, and other amenities that are on a more upscale level.
When working with your real estate agent, it's important to talk about the features and amenities that are important to you, as well as location and price. When you acquire a unit, you are effectively purchasing access to these amenities; therefore, you should not be bashful about placing them on your wish list.
You should also keep in mind that even if you do not intend to use certain amenities, such as a pool, it may still be beneficial to have them. This is because, if and when you decide to sell the condo, one that does not have the same amenities as other condos in the area may fetch a lower price.