Living in a condo is fast becoming the go-to housing option of many. Its convenient location makes it ideal for those who want a work-live-play lifestyle. Everything you need is just close by, from shops and services to recreational spaces. And with very little maintenance, top-notch amenities, and a price tag typically more affordable than a single-family home, it’s easy to see why condo living has become increasingly attractive.
If you want to invest in a condominium, here are the things that you should consider:
- Your finances
A condo is a major real estate purchase. While it is often more affordable than other housing options, such as a single-family home in a sought-after location, you have to factor in other costs unique to condo living. Among them are association dues, maintenance fees, and other types of due diligence. Be clear about your budget so you can make a sound decision.
- Coverage of condo fees
Ask about possible hikes in association and maintenance fees. And while you’re at it, request for previous statements of accounts to see for yourself exactly where these fees go.
A convenient location is one of the selling points of a condo. Make sure that this is applicable for the property that you want. Location affects the affordability and the value of the property after all. Is it near stores, transportation routes, schools, hospitals, and other essential establishments? Even if access to good schools isn’t something you’re really worried about, their presence does tend to have a positive effect on the property values in an area. Think about resale value.
Access to various amenities is one of the best things aboutcondo living. Developers now offer state-of-the-art amenities and services to entice buyers. Today’s condos offer more than just swimming pools, 24-hour concierge service and fitness centers. They have meditation rooms, function halls, even valet service. Check how these added perks affect the property’s value, security and whether or not they come with restrictions.
- The building itself
Ask the developer about the nitty-gritty of the unit. Inquire about accessibility, heating and ventilation, noise and odor-reduction measures. Find out up to what extent you can renovate your unit. Must you follow a specific style or design? If so, how much would it cost? Make it a point to ask if the unit has a warranty and what its duration is.
- Condo rules and regulations
A condo is within a shared space. Rules and regulations are in place to maintain peace and order among residents. This could entail a ban on pets, specific visiting hours for guests, parties only at certain times of the day, etc. Clarify the dos and don’ts early on.
- The property’s resale value
Like any piece of real estate, a condo is an investment and it’s prudent to know its resale value. Typically, a condominium building has a life span of fifty years and if you intend to sell the property within five to ten years, checking how much it will cost by that period should be a factor in your decision to buy it.
Shopping for the right condo? Check out our listings and contact us at (512) 777-1366 for more information.