Condo living has certain benefits one can’t find in a single-family house. Yet, you need to think things over before deciding to buy a condo.
Here are some important questions you need to ask yourself:
- Can I afford it?
There are quite a few costs that come with buying a condo. Apart from the rent and utilities, you will also have to keep in mind the homeowners association (HOA) fees. HOA fees for condos typically cover the maintenance and repair of shared areas like lobbies, elevators, and parking lots. If the condo has special amenities like a gym or a swimming pool, expect to shell out much more.
Additionally, it would be useful to know what the insurance covers. Check if the policy includes coverage for your personal belongings in case of a fire, for example. If it doesn’t have what you need, then you should consider looking for your own policy.
Think too about how mortgage payments are going to affect your lifestyle. Can you travel as often? Afford your online subscriptions? Pursue your many passions? Or pay off debts, like student loans?
- Is it in a good location?
Location is vital to many condo buyers. Consider easy accessibility to and from the property via several modes of transport. Also check if it’s near establishments like business districts, schools, shopping centers, and hospitals.
- Am I alright with sharing spaces?
Living in a condo involves sharing some amenities with other unit owners. Thus, ask yourself if you would be alright with that. Moreover, the only thing separating you from your next-door neighbors is a mere wall. It would be best to be friendly and keep the peace with them.
- How long will I be keeping it?
Condos are a great investment if you hold on to it longer than you would a house. The value of both houses and condos appreciate over time. This rate of increase also depends on the community to which these belong and your upkeep. However, the price tag on houses rises faster than that of condos. Thus, if you want to make the most out of your condo purchase, be sure that it’s in a thriving community with surrounding properties that are also increasing in value.
- Does it have what I’m looking for?
Make a checklist of your wants and needs and compare it with the condo’s amenities. Among the things to consider are:
- Floor space
- Sports facilities
- Parking spaces
- Security features
Weighing all these in could help in your assessment if the amenities are worth the price of the condo.
- What are the rules?
Can you barbecue on your front porch? Are pets allowed? Are you allowed to rent the unit out on Airbnb? Is smoking inside allowed? Knowing the rules of the condo you’re considering gives you an idea of how strict or lax these rules are and if you’re capable of following them.
- Who manages the condo?
Know the people who run the condo and how they perform their tasks. These could range from handling rent to addressing tenant complaints. Condo managers should not only be excellent administrators, they should also possess people skills.
Before you finally close a contract for buying a condo unit, do study all your options. To help you in reviewing these, call me, Jodi Randa, and my team at 720-244-1796. You can also send us an email at jodi(at)randacoproperties(dotted)com.