Buying a condo is a great way to own a home without the upkeep or maintenance required that comes with a single-family home. A condo may also offer buyers the advantage of being in a better location or getting more amenities with purchase. The buying process can be overwhelming, but there are some key tips to consider in helping make it easier.
Work with an Experienced Realtor – Finding a realtor that has experience selling condos is a huge benefit. A realtor with a proven track record will be able to best advise you on location, the community, value, and the association documents. Having an agent, you can trust is a great peace of mind and will help you find the best community for you.
So does your lifestyle.
Find a Community That Suits Your Lifestyle – If you like to maintain an active lifestyle, then finding a condominium development with a clubhouse, social calendar, and activity options is a great idea. If you want to maintain privacy, then a villa style condo might be a better option. Hate to maintain the yard or exterior? Then you’ll want a maintenance-free development. How you want to live is a crucial factor when looking at condos.
Yes, there are rules.
Know the Association Rules and Regulations – In addition to a mortgage, buyers will need to pay Association Dues. These fees cover upkeep of common elements, insurance, maintenance of amenities, and more. You’ll want to review those fees and know exactly what they cover. Buyers will also want to familiarize themselves with the Regulations, or Rules of the community. This may include; how the dues are paid, rental or guest restrictions, using amenities, quiet hours, etc.
Hidden expenses exist.
Ask About Pending Special Assessments – Special Assessments are funds needed to tackle an unexpected or special project. As a buyer, you’ll want to know if there are any of these pending approvals or being discussed. A well-run condo association would not have these with any regularity. This is also a reason an experienced realtor would help as they could answer any questions regarding special assessments.