Nowadays, when you’re planning to buy a place to stay, you will realize that you have a lot of options to choose from. Condo units are one of these options and often preferred because it potentially provides more value compared to town houses and house & lot type of properties.
You can take advantage of their amenities such as swimming pools and gyms which you may not able to afford on your own. There is likely to be an association that manages and maintains condo development which will save you from almost all the burden you might incur in the future. Before purchasing a condo unit however, it is important to know some issues that may affect your way of living in the future.
Type and Location
See to it that the location of the condo suits your daily routine. Location is very important when you are purchasing a condominium. Also consider the neighborhood and transportation.
It is also important that you assess the type of condo that you are purchasing. If you have a mobile lifestyle, meaning you often change location, you might want to have condominium hotel where you rent out your condo when you’re not using it. But, if you are planning to settle on a certain place, then you might have the option of a traditional condominium.
When you are buying certain things, you wanted to make sure that everything is good to go and ready to use. Same thing when you are purchasing a condominium unit. Last thing you want to know after purchasing is that the fundamental elements you need in your home isn’t working. Your basic needs like gas, water and electricity should be working properly. Then you also need to check the building maintenance.
Regarding their amenities, make sure that everything is safe and accessible anytime you need them. In the first place, these are the things that attract you first. For example, when you often use their swimming pool, you have to check if they are cleaning it regularly.
Since a condominium is run by an association, it is important that you know the people behind it because there is a high possibility of political empowerment which will affect the decisions of the condominium development. You don’t want to live in a place where you find the associations’ rules are too difficult to live by. You must know the rules and willing ask yourself if you are willing to abide to it. For example, the number and type of visitors you can have, the parking area, security which most the association will mostly be strict about.
In addition to that you must be vigilant and aware of the fees that you might be charged of, like condo association fees. Check if you will be able to afford these fees. Get a copy of the building’s certificate of insurance and check if the building development cost will be covered.
With all the different factors that you need to consider in home purchases, it is important to check your future neighbors, specifically with a condominium because you are living in a close proximity.
Also check the demographic profile of the condominium. For example, the age bracket of the people in the condo. If you are a businessman per se, you would like your neighbors to be somewhat mature enough that you can talk to. Or, if your neighbors have kids and you prefer a quiet environment then a condominium may not be a good place for you to live.
A condo is a good choice to have. It has also become a status symbol nowadays. But don’t take it in a rush. Take time to consider all the things you need, make sure that you know what exactly you are looking for to consider your home.