What to Consider Before Buying a Condo
After many days, weeks or months of consideration, you have finally decided to buy a condo. It has fewer responsibilities than a house and more advantages than an apartment. Or, perhaps you have found that a condo may be more suitable for your lifestyle than the other alternatives. Whatever the case, you will be a proud condo owner soon and reaping all the benefits that come with that title.
One of the main upsides of a condo is that it grants you ownership, which is a smarter financial investment than renting. Compared to a house, a condo is also preferable as all the exterior and general property responsibilities are handled by the Homeowner’s Association (HOA). The price of condos also appreciates at a high rate typically due to their central location.
Additionally, condos are often conveniently located next to business districts and schools, making commutes shorter. With all these benefits, the only question is what you should look out for when buying your condo. Here are some things to remember.
Location, Location, Location
People who are inclined to buy condos are usually moving closer to work or are first-time homebuyers on a budget. Given these considerations, the location of the condo is one of the most important factors to think about. Do some research on the Denver condos for sale in your desired area, so you can map out the market.
Start this process about six months to a year before you settle on an area. Take note of the price differences depending on locations and the fluctuations in selling price in that time. Also, be sure to read reviews by other homeowners in the prospective area. Good planning and adequate research will save you future headaches from unforeseen problems.
Condo Management
The Homeowners Associations that manage condo developments are a big selling point for potential buyers. A good management team means that the building will remain in a good state of repair, and concerns will be addressed promptly. On the other hand, poor management will frustrate you endlessly and may even lead to unexpected costs or selling early.
A great way to find out if the condo management is reputable is by talking to the neighbors. Ask them how happy they are with the management and if there have been any concerns. That should generally give you an honest picture as they have no incentive to lie. You can also make some time to sit in on an HOA meeting, if possible. If not, request the minutes from previous meetings and scrutinize them to see what progress has been made and what ongoing issues there may be.
Rules and Conditions
Every condo comes with its own distinct set of rules and responsibilities that all owners have to agree to. These usually vary depending on the management and the value of the development, as luxury condos often have stricter rules. It’s good to know the rules as some buildings have restrictions on pets, visitors, renting, and even smoking. Some go as far as placing restrictions on age, with some catering to older adults with no children allowed.
HOAs enforce these rules, and a failure to comply can result in fines, forceful compliance measures, or even legal action. It’s also important to note that while the property management will handle external maintenance, internal costs will be on you. You may also be required to have insurance, depending on the HOA. Condos additionally come with a monthly fee. This covers ongoing maintenance and repairs of the common areas.
Value for Money
Condos are great spaces for someone looking for a convenient home with easy access to lifestyle and community amenities. They are also much more affordable than houses and great for first-time homebuyers strapped for cash. With these few tips, you should be able to find the perfect condo for you.
