Photo by the_nautilus, CC0 1.0
So, you’re thinking about buying your first condo? Great choice! Condos are one of the most fantastic choices you can make when you’re thinking about your first home, second home, or even third home.
But the condo market isn’t the easiest one to get into without the proper information and knowledge. That’s why we’ve created this handy article to give you all of the tips and advice you could need before you make this big purchase and investment in the future.
So, whether you’re buying Las Vegas condos or another condo in DC or any other city, these tips are going to be relevant for you. Read on and let the knowledge flow in!
1. Decide If It’s the Right Fit for You and Whoever’s Living with You.
This is completely determinant on your personal needs and wants. You should decide with whoever’s living with you if a condo is actually the right fit for you. Condos are pretty different in many ways from traditional housing units like apartments our town homes.
So you should be aware of all these differences and how that will affect your daily life. For example, if you like cutting the grass or planting flowers, you won’t have the ability to do that in a condo thanks to your maintenance fees.
2. Get the Right Real Estate Agent on Your Side.
This is pretty common sense. You w ant to get a real estate agent who has prior experience with selling condos and guiding potential condo-owners through the process. There are tons of documents to get in order and sign, so it’s in your best interests to have an expert on your side at all times.
3. Financing, Financing, And Of Course, Financing.
Purchasing a condo is pretty different from the payments you would make on a normal town home or house in the countryside. Most lenders don’t allow loans to be used for condos, so many condo-owners will actually pay in cash.
It’s important to get “pre-approved” before you even consider buying a condo to ensure you’ll be able to get financing and be able to pay for the place.
4. Be Aware of What You’re Getting with A Condo.
Be sure to make yourself fully aware of what’s exactly included when you purchase the condo and enter into that contract. For example, do you get a reserved parking spot for you and the others who are living with you? It’s easy to speak with the management team to figure out these details. You wouldn’t want any surprises!
5. Get Associated with Those Association Fees.
This is one of the most important aspects of living in a condo. You’ve got to pay association fees in order to be an owner in the condominium. You should definitely familiarize yourself with the association fees before taking any big steps. Are they annual fees? Biannual? Or monthly? How much are the fees exactly and when are they due every period?
Make sure you know the answers to these questions before signing anything.
6. Know What’s Involved in Those Fees.
An equally important part of learning about your association fees is understanding exactly where those fees are going. How much of the fees go to maintenance, while how much goes to cleaning out the pool? The condo owner will be happy to disclose these details for you, if you ask.
7. Check Out the Rules of The Condo.
When it comes to condos, there are normally quite a bit of rules and regulations that come with living in the community. For example, there may be noise level regulations during the night, as everyone is living in close proximity to one another. Or you may not be able to enter the pool or spa after a certain hour.
8. Ask for Any Special Assessments.
A special assessment is basically a large project that’s undertaken in the condo over a certain period of time. Make sure you know if there are any of these projects coming and how much you should expect your association fees to rise because of them.
9. Do Your Research on The Maintenance and Management Company.
This is a pretty common sense one. Before you sign anything, be sure that you do proper research on both the management company (who’s running the place?) and the maintenance company (who’s coming to clean up and maintain the property?).
10. Plan Out Your Future as Best as You Can.
Condos are an investment in the future. Even though it’s impossible to plan out the future, you should take steps to understand what could be coming in the near future. If you’re planning to re-sell in the next few years, keep that in your mind as your making this big purchase.
Buying a condo is a huge step in your life. You may be moving out of an apartment and looking for a new home. Or you could be wanting to move closer to the city from your old home in the countryside. Keep the above tips in mind to make the right decisions in this process!