Buying a Condo – What You Should Know
A condo is a type of home ownership. The individual units of a larger complex are not rented, but are sold to the individual instead. They can be townhouses, commercial warehouses, or renovated apartments. Basically, any multi-unit structure can be turned into condominiums. Many people who want to live in a large city want to buy a condo instead of paying rent on an apartment. On the east coast in the major cities this type of dwelling is very popular. When looking for a condo it is almost like looking for a one-family type home. It is best that you start by contacting a real estate agent because they will usually know about more properties for sale than you can find on your own. Look for a real estate agent that specialize in condos for sale.
In addition there are also some other tips that you should take into consideration before purchasing the condo. One important thing that you should do before even contacting a real estate agent is to plan out your budget and your annual income. By doing these two things you can see just how much you can afford to pay each month for a condo. This will help keep you from getting in over-your-head and not being able to pay the monthly payments and losing the condo.
• Make sure that you scrutinize the neighborhood very carefully along with the developments where you are considering buying a condo. You also want to check the size of the property and check to see if it is maintained nicely.
• Ask the current residents how often maintenance and repairs are done.
• Find out how good the soundproofing is between the condos.
• You should also check to see how far you are from movie theaters, grocery stores, restaurants, and anything else you feel you need to be close to.
• Find out about the parking and if you have any guest parking spots and if you do find out how many.
• You should check to see what amenities you have, any storage, and security.
• Be sure before you sign any papers that you take the time to closely inspect the rules of the Home Owner’s Association (HOA), which govern the functioning of the condo development. In the papers you may see some restrictions that may not adhere to the lifestyle you lead. If you are a pet owner you need to check the rules about having pets in the condo development.
• Before you make the final decision inspect closely everything in the condo to make sure that everything is up to par. Have a family member or friend also look over the condo so they can give you a second opinion.