Do you know that about 33% people who buys a home every year are first time buyers? If you are looking to buy your first home, it looks like a single-family home is your only option. But buying a condo is a more attractive option than you might think!
Buying a condo comes right down to lifestyle. If you are searching for fewer responsibilities and the ability to enjoy city life to the fullest, a condo might be for you.
That said, before you start looking at condos for sale in your area, there are several factors you need to consider. Keep reading to learn more.
- Available Facilities
A condo comes with less space and privacy than a conventional house, but not without its benefits. In fact, the advantages of condo living are what attract many people to find out how to buy a condo.
Almost every condo community comes with a wide range of amenities available for use by residents. You may not have a backyard, but you’ll have a large green space for walking the dog or playing outside. Maybe you haven’t got a big neighborhood to walk around, but you do have a 24-hour community fitness center that’s free to use.
Consider not only the community amenities available but whether you’ll take advantage of them. Remember that you’re going to pay for this facility irrespective of whether you use it or not.
- Community Guidelines
There is a difference between a condo vs an apartment; with a condo, you own your unit, whereas an apartment is rented. However, in both situations, you live in a community, not a single-family home. And with this community comes community guidelines.
In any condo complex, there are rules to follow to avoid being charged or eviction. Some complexes have somewhat relaxed policies, while others come with a long list of strict rules. Before you sign up on the dotted line, it is important that you know precisely what you are signing up for.
Think about your lifestyle and how it might be limited by condo living. Does your community allow pets? What are the noise policies? Are there any limitations on services like cable or internet providers? Is smoking allowed? If so, is it limited to certain areas?
The questions you need to ask will depend upon your habits and concerns. Consider making a list of all the questions you need to ask before making a decision and bringing them with you on your tour. look at this condo buying guide also for more information on things you need to look for before buying your new home.
- Resale value
When you look at the pros and cons of buying a condo, one of the most vital things to look at is the resale value of your specific condo. Yes, condos are normally cheaper than single-family homes, but they do not all the time increase in value over time, which can make the lower cost tag useless.
You must consider buildings and the community as a whole, not just your particular unit. What does your monthly mortgage and association fee cover? How is your building structure, built to endure events beyond your control such as natural disasters?
If possible, review the sales history of your condo and other units in the community. Are selling prices rising, or remaining stagnant, or worse, falling? In an ideal situation, your condo will come with a good resale value, so you do not lose money, should you ever decide to move.
- Fees and Fees
Dues and charges aren’t specific to living in a condo. If you buy a home in a neighborhood with an HOA, you will face the same costs. However, dues and charges in condo communities often add up more quickly.
This is because, unlike a conventional neighborhood HOA, associations within a condo community are responsible for more intensive maintenance, including things like security, repairs, and admin staff salaries.
Before you make a final decision, get a precise breakdown of your association dues and condo fees. And remember that these fees are normally small in scale; the bigger your unit, the higher the fee you’ll have to pay.
Along with a breakdown of your fees, ask about any penalties incurred for failing to pay your association fees. You should not expect this to occur, but it is best to know what the worst-case scenario is.
- Number of units
The main factor that many people considering buying a condo don’t consider is how many units there are per floor, per building, or the unit density of the complex. This may seem insignificant, but it’s not far from the reality.
The more units per building, the more people you’ll share your community with. Now, a large community is not necessarily a bad thing, it just depends on what you are searching for in your home.
More people means more noise, less privacy, more congestion in parking lots, etc. It can even mean faster wear and tear in public areas, such as elevators, and fewer availability of amenities such as swimming pools and gymnasiums.
Additionally, let’s say you are visiting a potential condo community. There are only two or three buildings, leaving lots of green space available for outdoor activities. If this interests you, ask about the future of the community.
Are there plans to add more buildings? How do the developers plan to change the community landscape in the coming years?
Consider Your Options Before Buying a Condo
While buying a condo can be the right choice in many situations, condo living is not for everybody. And because buying a home, whether it is a conventional house or a condo, is such a big life decision, it is important that you weigh all of your options before taking the leap.
Looking for more tips and tricks to find the perfect home for you and your family? Be sure to take a look at our blog!
