Buying a condo represents a life-changing investment. As such, you'll want to allocate the necessary time and resources to ensure that purchasing a condo is right for you.
So what does it take to determine whether to purchase a condo? Here are three tips for those who are evaluating the pros and cons of buying a condo.
1. Understand What Condo Life Is All About
A condo and a house are two very different types of properties. Thus, you'll want to understand what condo life is all about before you purchase a condo.
For example, homeowners likely will have a front yard and backyard that they will need to maintain year-round. Homeowners also can plant a garden, install an in-ground pool and perform various home maintenance and upgrade projects at any time.
On the other hand, condo owners frequently live in closer proximity to one another in comparison to homeowners. This means condo owners likely won't have to mow their own lawns or shovel their walkways in winter. However, condo owners might lack the space to set up a personal garden, and they may require homeowners association (HOA) approval to complete any home exterior modifications as well.
2. Know the HOA Fees
Although you'll pay a mortgage as part of a condo purchase, you will still need to consider the HOA fees in addition to your monthly mortgage costs.
HOA fees cover the costs of insurance, maintenance and other property expenses. Plus, if your condo's roof is severely damaged or destroyed, you should be covered thanks to your HOA fees.
To learn about your HOA fees, you can contact the HOA directly. Also, your real estate agent will be able to provide insights into the HOA fees associated with a condo.
3. Collaborate with an Experienced Real Estate Agent
When it comes to purchasing a condo, all real estate agents are not created equal.
Finding a real estate agent who possesses many years of experience with condos is paramount. This real estate agent will be able to help you understand the ins and outs of condo life, examine HOA fees closely and discover whether a condo purchase is right for you.
Furthermore, your real estate agent should be able to help you along each stage of the homebuying journey. He or she will be able to set up condo showings, assess condos that match your price range and provide expert homebuying tips as you move along the homebuying journey.
Perhaps best of all, your real estate agent understands that the process of buying a condo can be challenging. As a result, your real estate agent is happy to respond to your concerns and queries. That way, if you're uncertain about purchasing a condo, you can consult with your real estate agent and get the best support possible.
Hire a real estate agent with condo experience – you'll be glad you did. With this real estate professional at your disposal, you should have no trouble finding your dream condo in no time at all.
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