If condo living is always something you’ve dreamt of or considered it’s important to know what factors to think about when buying one.
In this article, we will take you through the 3 key issues to think about when purchasing a condo. Read on to find out more.
1. Choosing the Best Location
In terms of choosing the best condo with a potential profit and maintaining resale value, which location you chose is very important. Of course, you will want to enjoy the time you spend in your condo but if you ever want to sell it, the area in which it resides will be highly attuned to its market value.
Research the best locations in your area or the area you want to move to. Do they have access to good stores, bars, and restaurants? Is it in a spot which has lots of parks, or is it close to the ocean or a natural beauty spot? All of these things are attractive to potential buyers.
Make sure you choose a location that has a good balance of these attributes and when it comes to selling the property you shouldn’t have any problems whatsoever.
2. What Amenities Does it Have?
The great thing about condos is that often they offer extra amenities or services that are included in the annual service charge. If you are interested in having a communal pool, 24-hour security, a communal gym, or visitor parking that could be some of the options available to you with a condominium.
Some condos might even have a home theater.
It’s important to have the right questions to ask when looking around a complex. You are able to see the facilities they have on offer and whether it is on the same page in terms of your requirements.
Remember to factor in the annual cost of your service charge for your condominium and whether it fits in with your budget. You don’t want to commit to anything that isn’t in line with your monthly expenditure.
3. The Condo Rules
Make sure that you check the fine print of your condo contract and what rules you will need to abide by. For example, there is no point in going with a condo complex that doesn’t allow pets or animals inside the properties if you have a dog.
Other things to think about are some complexes don’t allow you to make any significant changes or renovations to the properties. If you are itching to curate your own personal touch on your condo, it’s worth checking whether that would be breaking your condo contract.
Have your lawyer check over any legal documents and highlight things before you sign anything.
Purchasing a Condo: What Next?
We hope this article on the 3 major things to consider when purchasing a condo has given you plenty to think about.
There are some great benefits to condominium living, just make sure you select the right condo for your needs and requirements.
If you enjoyed this article, check out our other blog post. A good one to start with might be this post on when to sell a house.