Many people do not want the responsibility of caring for and maintaining a single-family home, but still want to purchase real estate. In this type of situation, purchasing a condo can be an excellent solution. Condos are available in a variety of sizes, so it is easy to find one that fits your needs, but when you own a condo, you will not be responsible for maintaining the grounds or building that the condo is located in. Just like purchasing a single-family home, buying a condo is a large financial investment, so it is essential to choose the right unit and know what you're doing. Use the following tips to help you purchase a condo:
Work With a Real Estate Agent who Has Condo Experience
Buying or selling a single-family home or a condo are both real estate transactions, but there are some major differences between the two. Thus, if you're interested in buying a condo, your best bet is to work with a real estate agent who has ample experience helping people buy or sell condos. An experienced real estate agent will understand all of the ins and outs of buying a condo and will be able to help you through each step of the process, from finding the perfect condo to receiving the keys to your new residence upon closing.
Understand the Included Amenities
One condo complex can vary from another, but most complexes offer amenities for owners to use. When you begin looking at condos for sale, it is important to know what will be included. Some condos include a reserved parking spot, while others may have garages for owners to use. An upscale condo complex may include numerous amenities, such as community parks, swimming pools, and fitness centers. Understanding what amenities are included when you're an owner in a condo complex can help you determine which condo will best meet your needs and fit your lifestyle.
Ask About Association Fees
Almost all condo complexes require condo owners to pay monthly or quarterly association fees. These fees are used to cover the expenses incurred to manage the grounds and make repairs to the buildings and roofs. Condo association fees are separate from your mortgage payment, so make sure that you select a condo that has association fees you can comfortably afford. You should also ask about past or potential special assessments, which are bills that condo owners have to contribute to paying for major maintenance projects or repairs.Share
12 November 2019
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.