You have decided to purchase a condo. Congrats on making a wise decision. For most people, the decision to buy a condo comes down to lifestyle choices. In fact, it tends to come with minimal responsibilities. You do not have to worry about mowing the lawn or shoveling. Ideally, condos are more affordable as compared to single-family houses. In fact, before investing in a condo you have to ensure that it suits your lifestyle, there are different things you must consider. These are some of the things.
As you know, the most important thing when it comes to buying real estate property is the location. In any case, you will not reside in your condo for the rest of your life, so you need to think of long-term resale. Therefore, you need to check the neighborhood and find out whether there are other developments that are likely to come up. In this case, if you purchased the condo because of spectacular views, you will want to know whether new developments will come up that will block your pristine view.
You should note that condo living does not come with the same freedom as a single-family home. In fact, condos have some regulations and restrictions on the residents. For instance, pet restrictions are the most common. They can even ban pets altogether. Also, you may not be allowed to renovate your condo without permission from the Condo Association. Ensure you find adequate information regarding these rules before you purchase the condo. In this way, you will not regret it later.
These are extras that most people like so much. Some of the examples include a party room, gym, concierge, swimming pool, and car parking. Ensure you consider the amenities of a building and utilize them well. Usually, a condo with a lot of amenities will go for a higher price.
There is a need to avoid your condo fees do not skyrocket. Thus, you want to ensure there is adequate money in the reserve fund. The money from this fund is used for paying capital expenses, parking lot maintenance, and exterior maintenance. Your lawyer should review the status to ensure the reserve fund is prudently managed.
You should note that size matters a lot when purchasing a condo. Start by checking the square footage and determine whether your furniture will fit in the new condo. That is important when purchasing a pre-constructed condo.