You’ve decided to buy a condo. Congratulations! For many, the decision to purchase a condo unit boils down to a lifestyle choice. It tends to come with fewer responsibilities versus a house. You don’t have to worry about shoveling snow or mowing the lawn. Condos are typically more affordable than homes and are often available in urban locations.
Once you’ve decided you’re suited for the condo lifestyle, there are several things to consider. Here are five factors to consider when buying a condo.
They say the three most important rules in real estate are: “location, location, location.” You likely won’t live in your condo forever, so you’ll want to think about long-term resale value. Is the neighborhood on the upswing? Are there developments planned that could help increase the property’s value? The view matters, too. If you have a spectacular view, will it stay that way, or could there be another development going in that blocks your pristine view?
Resort Style Amenities
Amenities are those extras that people love so much. Examples of amenities include a gym, party room, swimming pool, concierge, guest suites, and visitor parking. Not to mention the condominium lobby. Consider the building’s amenities and whether you’ll make beneficial use of them. Generally speaking, the more amenities, the higher the condo fees, so consider that, too.
Integration Of Retail Development
Surprisingly, this significant factor is ignored by many. I believed that this one should be on your top priority when choosing a condominium project. Check your property if it’s location is near establishments where you’ll find your basic needs a distance away. Like supermarket, pharmacy, banks, retail stores, restaurants, and others. Besides, you purchase a condo because you want to have a convenient life.
Condo living doesn’t generally come with the same freedom as house ownership does. Condos tend to have restrictions on residents. Pet restrictions are common. For instance, you may only be allowed a small dog, or pets are banned altogether. You might also not be permitted to renovate without permission. Make sure you find out about these rules ahead.
Professional Property Management
Property management is the overseeing of residential, commercial, and industrial real estate, including apartments, detached houses, condominium units, and shopping centers. It typically involves the managing of property that is owned by another party or entity. The property manager acts on behalf of the owner to preserve the value of the property while generating income. Property owners hire property management firms for various reasons. Some owners may have many rental properties in their portfolios but lack the time or expertise to maintain the properties and deal with tenants. Some owners only have an interest in owning rental properties and earning profits from them. When this is the case, they hire professional property managers. Absentee landlords also make use of property management services.
But wait, this one is a bonus.
As a final point, remember that size matters when you’re buying a condo. Find out the square footage and make sure the furniture at your existing place will fit in your new condo. It is especially significant if you’re buying pre-construction when you can’t step inside the unit. I have a client who purchased a condo, only to find out none of her furniture would fit. Luckily she was able to upgrade to a larger unit. Don’t let the same thing happen to you.
Seek advice, and consult an expert before purchasing one.