Four Tips To Consider Before Purchasing A Condo

Posted on: 23 January 2017

When it comes to purchasing a home, you don't always have to buy a single-family one. Instead, you may consider a condo or even a townhome, which offers many benefits that don't always come with a single family home. However, before diving into the process of buying a condo, consider these four tips:

  1. Talk to Realtor About Cost: First off, you must be honest with your realtor about what you can afford, this way they can show you realistic condos to consider for purchase. Condos range greatly in price because of the neighborhood they are in, size of the home, and even the size of the whole community itself. For example, larger communities tend to be a bit more expensive because they often have more amenities for their residents to take advantage of. 
  2. Consider New Developments: Making changes to the layout of a condo is challenging. You have to get permission from the HOA usually and most of the time it is denied. This is why it's best to talk about visiting new developments, which will have modern floor layouts and move in ready condos that you can soon call home. On top of this, newer communities often have up-to-date community features. For example, for newer places it's popular for there to be a yoga room, office center, and even a small community theater for residents to enjoy. 
  3. Hire a Realtor Who Specializes in Condo Purchasing: A realtor who specializes in helping people move into condos will know what costs to consider, what new developments are available, and more. This way, you can move into a condo that you can actually afford. Instead of only considering the monthly cost of the property itself, you also need to pay HOA fees. Your realtor will also know to look into all the community features to determine whether or not the HOA fees are actually worth what you are getting. 
  4. Understand the Potential Downfalls: When you purchase a condo, you have to understand that there are going to be some downfalls. For example, privacy is usually sacrificed. This is why it's best to look for one that is as private as possible. One that doesn't have a view of the parking lot or your neighbor's patio or windows would offer more privacy. You also want to consider the top floor since living downstairs usually means you have to hear the banging and stomping of the neighbors above you.

  When you consider these four tips, you can be sure that purchasing a condo is as successful for you as possible.