4 Tips Before Buying a Condo
Buying a condo can be an exciting thing to do, but it’s also different from purchasing a single-family home. It’s important to familiarize yourself with some of the differences so that it helps make the process easier. Here are 4 main tips that we suggest when beginning your condo experience!
1. Work With a Realtor With Condo Experience
Since buying a condo works a little differently than buying a single-family home, it is very important that you make sure the realtor your working with is familiar with the ins and outs of condos. This will be very beneficial in the long run because if issues arise later down the line, they will be more familiar with how to approach the problem solving. It’s always crucial to clarify this with the agent before you begin the process with them.
2. Think Carefully About Desired Amenities
Before you buy a condo, take a look at the amenities it has and consider how those line up with what you’re looking for. Different buildings offer different amenities, and it might be hard to find one that checks off everything on your list. It can be helpful to make a list of the amenities in order of importance, so that during your search you can prioritize the main things you’re looking for.
3. Look Into the Property Management Company
The company that’s managing the condo will be part of your life for the foreseeable future, so it’s important to do a lot of research and get yourself familiar with who they are and what they offer. Getting involved with a bad management company can turn into a long term nightmare later down the line, so clarifying that the property management has a good reputation is a very significant step.
4. Review the Fees and Regulations of the Association
When you buy a condo, you don’t just have a mortgage. You also have association fees that need to be paid. These fees differ for condos all over the country, which is why it’s necessary to go over exactly what the fees will be, prior to your purchase. These small fees here and there can quickly add up, so this can save you trouble down the line if you encounter unexpected expenses. This also refers to understanding the regulations, such as noise levels and pet friendliness. These things can make or break your decision, so the earlier you know, the better!