Commonly known as condos, a condominium unit is a single residential structure located in a residential community or a building with multiple units. Buying a condo unit is an expensive investment, which is why you must be extra careful to choose a unit with the best amenities and conditions.
Whether you wish to live in a condo with your family or plan on adding this investment to your financial portfolio, you should pay attention to a few factors to make an informed decision. Consider these aspects when investing in a condo unit to get the best bang for your buck.
1. Consider the Size and Fit
You should consider the size, measurements of the space, and the number of rooms to determine whether or not it is fit for your family or the number of people planning to move in. Consider the number of floors, unit density, and the total number of households in every building.
2. Analyze the Surroundings
The region and location of your condo unit should be less noisy and have close proximity to necessary amenities. Since the locality you live in impacts your quality of living, considering this aspect is of the utmost importance. Furthermore, check the accessibility of the condo unit and other facilities in its vicinity. For instance, the region should have a grocery store, pharmacy, and a medical center at a reachable distance. If you have kids, you should also look for a decent school within your area. If your condo is located near a busy street, it can get disturbing at night.
3. Take Your Budget into Account
Your budget and financial arrangement is the next thing you should worry about. Needless to say, condo units are extremely expensive and can take a significant part of your savings. Check the market value of condos in the region of your choice and compare other areas as well. Keep your needs in mind and do not exceed your budget. If the condo unit is new, some builders also provide or help with the provision of loans from financial institutions. Note the interest rate and calculate your total budget accordingly. If you are unable to afford the condo you like, do not get tempted to buy it.
4. Check the Existing Conditions
If you are buying a used condo unit, you must check and analyze the condition of the exterior and interior spaces. With this, you can determine the type and intensity of repair and restoration needed. Checking the surroundings and conditions will also help you determine the property’s worth in the future, especially if you plan on selling it. If you do not prefer cutting your own hedges or do not have enough time to wash your car, check if your condo community provides such services.
5. Parking is Important
When looking for a condo unit, you should also consider the available parking spots, especially if you own or plan on buying a new car. In some regions, you are obliged to pay for your parking spot, which can take a significant part of your budget. Even if you are willing to pay for a spot, you may not necessarily get adequate space to safely accommodate your vehicles. In some cases, the availability of parking spots can majorly impact an individual’s decision to invest in a condo.
6. What About the Insurance?
You need condo insurance to sustain your condo’s conditions and protect your property from damage. The pros behind https://www.lopriore.com/condo-master-insurance-policy/ recommend getting condo insurance that covers both interior and exterior spaces to protect from maximum damage. To get the best premium deal, contact your local insurance agent.
7. Calculate the Additional Fees
Additional fees and expenses such as maintenance and association fees can add to your budget and possibly create a financial constraint. Your condo community will collect cash reserves, which is a specific amount of fees covering maintenance tasks and legalities. While you must pay a major part of the cash reserves in the beginning, you may be obliged to pay a certain part of it even after you start living. The money collected will be primarily used for building improvements and further maintenance. Consider the threshold of the cash reserves and exceptional assessments, if any. Apart from the closing costs and down payment, you can then prepare to hand over the additional fees as demanded.
8. Scrutinize the Provision of Amenities
When buying a condo unit, the type, and quality of amenities provided can also impact your living quality. Check the quality of the installed elevators and whether or not they make noise. Confirm the approved party hours, especially if you prefer to call guests over every now and then. Next, check the available garbage chutes and cleaning procedures established in your region. Some may even have a private pool or a terrace garden. A few buyers also need a clubhouse or gym in their community. Since every condo is associated with a community, you should check the guidelines and bylaws to determine the type of lifestyle you can live. Since some communities do not allow pets, it can affect your decision.
9. Comprehend Your Future Plans
Once you buy the condo unit, how long do you plan to stay here? Will it solely be used for living or do you plan on renting it in the future? Will you revamp or renovate the place? What is your ultimate motive or goal for making this investment?
Questions like these can help you cement your decision as property investments are usually long-term and reap benefits in the long haul. If you wish to move to a new place in a few years, you should think twice before investing in the condo; however, if you are just looking to widen your financial portfolio, this investment can be the right choice.
If you are still confused about a certain condo that you are seeking for a while, consult a broker or real estate agent to learn more about your investment. This is particularly important if you plan to live in the condo unit for a longer period. If you are not sure, ask the expert to show you more options before you make a final decision.