5 Things You Need to Consider Before Getting a Condominium
Would you like to be apart of the condo lifestyle? Of course, you would. They’re glamorous, chic, fun, and provide a beautiful view. They require less upkeep than a house and tend to be more affordable.
So if you decide this suits you to a tee, here are the 5 things you should consider before you purchase your ideal condominium!
Location is everything when it comes to real estate. Part of the reason you desire a condo is because of the incredible view you’ll get to wake up to every morning. But you should also consider long term arrangements, as these tend not to be permanent homes once people start a family. So be sure that any developments around your area will increase the value of the property for resale.
2. Rules and Restrictions
Condos tend to have more rules than an owned house. For instance, be aware of pet restrictions, as many do not allow pets of a certain size, and some do not allow for animals at all. Also, you may be restricted when it comes to renovation. Find out what permissions are required ahead of time.
3. Insurance And Reserve Funds
Condo fees can be pricey. So your reserve funds need to have sufficient money. You don’t own the building, but common areas will require payment for use. Reserve funds will cover the cost of repairs to amenities, the parking lot, or parts of the building. Make sure to have guidance like this type of condo insurance guide to manage your funds. They will also review the status certificate and make sure everything is up to par.
The building will offer a variety of amenities, such as a gym, a swimming pool, parking space for yourself and your visitors, and a concierge, which is one of the many reasons condos are so desirable. But remember, the more amenities they supply you with, the higher the cost will be. So take all fees into account when purchasing your ideal pad.
5. Unit Size And Layout
Size matters. At least it does in this case. Find out the square footage so you will be able to measure your furniture to fit, especially if you are buying a pre-constructed condo that you have yet been able to visit or visualize the layout. If you already have furniture, you’ll need to know whether you will require a larger unit. Remember, there may be less storage space in a condo than there is in a house, so consult the management team in regards to extra space. Perhaps they will provide storage for bikes, skis, or fishing equipment.
There are many important aspects to consider when buying a condo, so it is an advantage for you to begin the process with all the information necessary. Perhaps keep a note of this so you’ll know exactly what to discuss and what to look for. Take the time to consult friends or colleagues that have already purchased, they may inform you of questions they wish they had asked! If you have reviewed this list and find that the condo lifestyle is for you, then enjoy the luxury of high-end living!