Why rent a tiny apartment when you can own a spacious condo? If you have never lived inside of a condo complex before, there are many factors to consider before you purchase one.
Here are the Top 10 Things to Consider Before Buying a Condo, brought to you by Buy Owner®:
1. Floor location: This depends on the location of the condo! In one scenario, a first-floor condo may be ideal. If there is no elevator, who really wants to move all of their belongings up a few flights of stairs? However, if you are going to live in a big city, condos on the higher floors may be more desirable so you get breathtaking views of the waterfront or the city skyline.
2. Location of the condo within the building: Corner units are often preferred for several reasons. You may only have one neighbor, you get more windows (sunlight) and you get better city views!
3. H.O.A. fees: Most subdivisions require residents to pay a small fee in order to gain access to certain amenities (pools, sport fields, workout rooms), to have trash picked up, to have the lawn cared for, to use water/cable/electricity and more. Fees vary, and so do the amenities.
4. Amenities: Many communities offer residents access to plenty of amenities. You may move into a neighborhood that boasts a swimming pool, a dining facility, an 18-hole golf course and more! You need to find a condo community that suits your needs. If you are very active, you will want to look for tennis courts, a workout room, etc. If you would rather participate in community events, you may want to look for a place that has a huge clubhouse!
5. Maintenance of the grounds and facilities: Take a stroll around the neighborhood. Are the communal grounds nicely landscaped and well-kept? Is the equipment in the workout room in good condition? If the maintenance of the land and the facilities are included in the Association dues, and they are very unkept, you may want to consider searching for a condo in a different community.
6. Architecture: Older condos will feature straight-walled, four-sided rooms, possible plant shelves and standard ceilings. Newer ones will showcase angled walls, decorative wall cut-outs and cathedral/vaulted ceilings. It is up to you whether you want a more traditional or more modern looking home.
7. Construction: Not all of the buildings inside a condo community may have been built at the same time. There will most likely be a higher demand for condos inside the newer complexes. But keep in mind, the older condos could be upgraded to suit your own styles and needs!
8. Upgrades: Has the condo been updated? If you want a move-in-ready home, look for recently renovated condos that boast newer flooring, upgraded appliances and fresh paint. If you would rather do most of the redecorating yourself, you may want to look for a condo that comes with an allowance for upgrading. Lots of sellers are offering buyer incentives such as new carpeting or a painting allowance upon closing.
9. Rules and Regulations: Before you move into your new condo, you need to know all of the rules and regulations of the community. Do they allow pets? Is there a stipulation on outdoor furniture and decorations? Can you have a barbecue grill? Before you incur a fine, make sure you know all of the rules!
10. Buy Using BUY OWNER: While searching for a condo through the Buy Owner website, you can choose several features to be included in the search! For example, let’s say you would like a two-bedroom condo in Chicago that is nestled on the waterfront and offers access to a pool. All you do is check a few boxes and pick a price range. With Buy Owner, finding your dream home is just a few mouse clicks away!