Buying a condo involves a bunch of different decisions. If you are not careful in your research and do your homework about everything you need and want, you will find that you are not happy with your living space.
Here are some factors that you need to consider when picking out your condo.
1. Amenities
Things like heating and cooling is a must, but you also want to consider what is offered in the units or the condominium features. These amenities range from things like having in-suite washers and dryers, gyms, parks, trails, pools, party rooms, internet, cable, etc. Because every condominium differs in the amenities they provide, you should consider that in the cost and if they are important to you.
2. Location
Location is one of the most important things to consider when considering a condo. A lot of the price consideration is tied with how close you are to different needs. Use your resources and research to explore your location needs that will differ depending on where you are in your life. These will range from needing access to public transit, wanting to be walking distance to schools, work, grocery stores, hospitals or clinics, and other goods and services. Location is also tied with your property’s resale value, so you want to keep that in mind if you plan to move or resell in the future.
3. Rules
When choosing your condominium, look deeper than the physical or visual aspects and into your condo’s rules and regulations. Certain associations will have rules that cover a variety of things, from noise and guest restrictions, pet restrictions, and fees. You will also have to consider the increases in utilities. It is important to fully go through and understand the contract of condominium ownership when considering your new home as it may impact your day to day living.
4. Size
Seeing and viewing an open house provides an opportunity to envision your home. You have to think realistically about moving in because once you bring all your belongings into a fully furnished home, you’re going to see a drastic difference in the room you have and the spacious living you envisioned. Unless you are living a minimalist lifestyle, you are going to fill up your condo quickly and need to factor your family and the space you need.
5. Age
One factor that new home investors and new homeowners should consider is the age of a condominium. Newer condos will use different materials than older buildings. Age plays a factor in structural integrity as well, as the infrastructure of your building will change throughout its lifespan. Older buildings will need a lot of repairs to pipes, roads, HVAC systems, and electrical. Of course, the price of older homes will likely be lower than that of a newer condo, but you will want to factor the increasing fees that will be needed for upkeep that is not as obvious at first glance.
Take the time to choose the right home for you. Understand your needs and communicate clearly your wants. If you spend a little more time and effort beforehand to be selective, you will escape any hassle you have having to make changes or even move again afterward.
