Buying a property, whether a home, business site, or rental facility, requires making a huge commitment. You wouldn’t marry someone you barely knew or had only glanced at a picture of, so do not make the same mistake when buying a condominium. Before buying a condo, there are a few tips you should consider and some factors you may want to take under advisement.
1. Location and Amenities
Condos and townhouses are generally located in cities and other urban areas, within walking distance to plenty of shops, restaurants, and other attractions. If you are on the fence about buying a condo, drive around the area first, to see if any of the nearby stores and restaurants might impact your decision. Not driving to dinner or to grab a cup of coffee might be a huge benefit and way to save money.
2. Not All Condos are Alike
Condos come in many forms and some might be more appealing to you than others. They can be high-rises, mid-rises, lofts, converted properties, villas, flats, or townhomes. If you found a condo you love, but wish it were higher or in a different location, ask your realtor about similar properties in other locations. Different types of units (for instance, a high-rise) might also cost more than others (say, a mid-rise).
3. Say Goodbye to Yard Work
One of the best appeals about buying condos is knowing that you won’t have to do your own yard work or lawn care. Exterior maintenance is also not your responsibility. Some property managers also offer free snow removal and plowing for their condo residents, saving you time in the cold on rough winter mornings.
4. Additional Features
Another thing anyone should know before buying a condo, is that many condos come with a plethora of features. Onsite gyms, 24 hour assistance desks, clubhouses, elevators, security, and swimming pools are just a few of these additional perks. Generally, these perks are covered by condo fees.
Before buying a condo, make sure you have considered the location you would like to live in, the type of condo you are hunting for, and know the benefits and perks you are likely to receive as a condo owner.