Ten Things To Consider When Buying A Condo
Ten Things To Consider When Buying A Condo
People of all ages and professions can be found living in condos, and each no doubt has his or her own reasons for choosing to do so. Maybe because the condo is close to work. Maybe because of the reduced maintenance. Or maybe to fulfill a desire to live in an urban area. Whatever the reasons, many people are choosing the condo lifestyle. If you are thinking about it, here are 10 things to consider before you buy.
Price
Condos are available in a wide variety of price ranges and it is a good bet you can find a condo to fit within your budget. Many factors affect the price, including the location of the condo and any upgrades that have been made to it.
Location
If you want a condo that is close to school or work, focus on buildings that are within walking distance. If you want to be able to get around without owning a car, look for condos that are near public transportation. Think about the reasons why you want to live in a condo, and then look for places that suit your desires.
Other owners
If you are a young professional, you may not want to live in a condo building that is dominated by senior citizens. And if you are retired, you may not want to live amongst a bunch of 20- and 30-somethings. Before you buy, find out if one age group is more prevalent in the building in which you are looking.
Association fee
You will pay a monthly association fee to live in a condo. The fee covers things like garbage service and exterior maintenance, but the amount of the fee can vary widely from building to building. Make sure it is at a level you are comfortable with.
Amenities
Some of the amenities condo buildings have include swimming pools and hot tubs, basketball courts and tennis courts, laundry facilities and fitness rooms. See what is available before signing a purchase agreement.
Association rules
The condo homeowners association sets the rules for the building. Before you buy, make sure you can live with those rules. Some associations, for example, limit the size of pets you can have.
Size
You will not be able to put an addition on your condo, so short of buying another one, what you see is what you get. Make sure it is big enough for you and all your stuff.
Storage
Will you have space for all your stuff? Check to see how many closets there are, how big the cupboards are, and whether there is a garage or not.
Maintenance
Look at how well the condo property is maintained. Are the bushes and grass cut? Is the snow removed? Does the pool or fitness room seem to be in disrepair?
Interior location
The location of a condo within the building is important to some people. Corner units may be the most quiet, while condos on higher levels may provide the best views. On the other hand, a ground-level unit may be best if there is not an elevator in the building.
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