A condo, short form of condominium, is typically a shared piece of property with individual owners of each “unit” or condo. With services like fitness centers, tennis courts, pools, etc. these homes offer a great lifestyle with less maintenance.
However, investing in a condo is slightly different than buying a single-family home and is often available at prices cheaper in comparison to other residences. But since condos often come with additional amenities, you might have to pay for them monthly along with basic cost price.
Let us have a look at some great tips to help all the first-time buyers out there who plan to buy a condo soon –
Calculate your budget
For the people planning to buy a condo for the first time, it is necessary that you have a pre-defined budget range in your mind. The condos are available from average to high costs, depending upon the location and the amenities offered along.
In addition, there are other expenses to be spent on routinely household chores and other financial obligations as well; which all should be taken into account when determining your budget.
Determine a perfect location
When choosing for a perfect combo, the location matters a lot. Having your workplace or university near your residence cuts down the hectic commuting time. Moreover, if you plan to resale your condo in the future, then an excellent location would fetch you an excellent price for sure.
The kind of neighborhood around your condo and the kind of amenities like coffee shops, gyms, restaurants, parks, etc. nearby adds to the extra value.
Look for mortgage options
For people who are not willing to buy a complete cash-down condo, applying for a home loan is the alternative. People with average incomes can apply for low ratio mortgages whereas the ones with stable income and career can opt for a slightly high ratio mortgage option.
To qualify for the loan, all you need is the desired credit score which will be verified by the concerned authorities to look out for any errors or past-due accounts.
Check the fees
As an astute buyer, make sure you confirm the segregation of costs being charged by you in the name of maintenance. There are often different forms of such expenses and having a due clarity about them before investing in the condo is a sensible approach.
Remember that just like other real estate properties, a condo is your investment and not keeping it in a well-maintained condition might be responsible for getting lower price during its resale. So, make sure every penny you spend on the restoration and maintenance of the property is worth.
Acquaint yourself with community rules
Before you head out to buy a condo, keep it in mind that condos are typically situated in close proximity to one another and have strict rules and regulations to be followed by everyone residing in there, unlike a single family home where you live on your own rules.
There may be restrictions in regards to loud music, late night parties, keeping any pets, etc. which have to be duly complied with.
With a bit of research and professional assistance of an expert realtor, you can easily come across a perfect option.