Things to Do Before Buying a Condo

Buying a condominium

If you are thinking about buying a condo, there are some real benefits. Some people have called condos a hybrid between a house and an apartment. If you want to own your own place but are not interested in dealing with landscaping or building maintenance, a condo may be just right for you. There are some things you should consider before buying a condo.

  1. You get convenience when you get a condo. Most condo complexes are situated in more urban areas. They are often built close to restaurants, shops and other places of interest. They are often put within walking distance from all of these things. If you are really interested in certain neighborhoods, sometimes the only option is to buy a condo as none of the houses are available for sale. As an additional perk, many condo communities have great amenities like tennis courts, fitness centers and pools. Like when you rent an apartment, you have someone to call when there is a problem with your unit. If you need work done, you can call the building’s maintenance person and have help when you need it. This is one of the most attractive parts of owning a condo.
  2. The land is not yours. This may not be a big deal but unlike when you buy a house, when you buy a condo, you own the unit and nothing else. Basically a condo building is one with a bunch of individual apartments. The condo fees go towards upkeep on the common areas and whatever amenities are present in the condo community.
  3. Look at the costs. Before buying a condo, you need to calculate all of the costs. While they are often less expensive than buying a townhome, buying condos have some costs that are separate from the actual price tag of the condo. You have to factor in the condo fees that are charged by the condo association who managed the community where you are looking. The fees that are charged are typically for maintaining the common areas and services. If your condo building has a 24 hour concierge service, for instance, that would be included in the fees that are charged. If you are concerned about upcoming maintenance charges, you can get a copy of the association meeting minutes and see what is being planned. You also need to know how the association deals with any infringement of their policies. Some charge the condo owners a surcharge if they break any of the condo rules and regulations.
  4. Some condos have their own social networks. Before buying a condo, you should look into what the different condo communities have to offer. Some are right for young singles while others are better for people who have retired. Each with have social gatherings and whatnot geared for a particular clientele. If you are new to a city, a condo community with an active social scene might be prefect for you and may be a great way to make new friends in your new city. If you are retired, you might find new friends with similar interests to yours to help you make the most of this time. You might want to talk to people who live in the condo community before buying a condo there. See what the other residents are like and what their thoughts about the place are.
  5. Do not rush into buying anything. Before buying a condo, you should really take your time. Go through all of the financial aspects of buying a condominium. Get your own credit report so you know what kind of condo you can afford. Talk to the people who live in the condo community and see what life is like there. If you already have friends who have condos in the building, ask them what they think and what specifically they like and dislike about living there. Ask about how maintenance issues are dealt with. If there is a pool or tennis court, how often are they maintained?

You have many options when looking at condos. They come in a variety of shapes, sizes and styles. Before buying a condo, you should spend some time looking at units and talking to people who live there and you can find the perfect condo.