Condo ownership/living is has become a standard way of life, especially to urban dwellers. However, the decision to buy a condo boils down to personal preferences. Condos are known to be cheaper than single-family homes, and you also do not need to worry about things like shoveling, mowing and other responsibilities common to single-family homes. If you are planning to buy a condo, here are some factors to consider.
Buying a Condominium
One of the most important considerations to make when buying any property is the location. Here, you will be looking at proximity to amenities, road networks, and of course the type of neighborhood. Also, since most people do not plan to live in condos for the rest of their lives, the location matters a lot especially when planning to rent or sell. Properties in prime areas are not only valuable but will always be in demand.
You also need to look at the type and quality of amenities when buying a condo. Ideally, facilities are those features that make life more pleasurable and could include things like swimming pools, spacious parking lots, gym, party rooms, shopping centers, and guest suits. If possible, go for a property with the amenities you need and also know that additional facilities mean high fees.
The size of the condo matters a lot. Go for a unit that addressed your current space demands and if possible, plan for the future. If you are expecting a kid or plan to live with your sibling, an extra bedroom might be needed in the future. As such, when shopping for a condo, make sure that the house is spacious enough to accommodate everything and everyone. Looking at the size and ensuring everything fits will take care of the possibility of expanding to a larger home, which could be costly in future.
Different associations governing a condo have their rules. Since condo living does not have the freedom you would have in a single-family home; you need to be well aware of the rules. These restrictions are meant to make everyone coexist, but they might be somewhat restrictive. For instance, pet ownership in some condos might be prohibited in some facilities. Thus, always read the rules ahead of time and ensure you are comfortable with them.
Besides the factors suggested here, be sure to look at the initial purchase price and the reserve funds. Buying a decent condo can be highly rewarding. You only know how to go about it by doing due diligence on your part.