The process of finding the perfect condo is similar to finding any other type of home--with a few exceptions. Here are some of the key factors to consider when purchasing a condo:
How much can you afford to spend on a condo? Make sure you evaluate your budget to get a sense of whether you can afford a condo purchase. A good way to determine how much condo you can afford to buy is to get pre-approval from a mortgage lender.
Condo living can also include additional ongoing expenses, such as homeowners association dues. Some condo communities also have fees for maintaining public spaces and amenities. Research all applicable fees to create a more accurate budget.
How much space do you need in a new home? Think about things like your plans for family, career and lifestyle. For example, if you plan to live by yourself for the foreseeable future, you might not need an expansive 4-bedroom townhome. Conversely, if you have children or plan to, you will want more than a studio.
Location is another key factor to consider. Think about things like school districts, work opportunities and daily travel time. Do you want to be near public transportation, services and commerce? Check out the surrounding area to determine whether you're choosing a condo in the perfect location.
Condo living is different from living in a traditional house. A condo is your own property, but you will still have to follow the rules and regulations set by the property management and community.
For example, many condo owners cannot modify a property's exterior without first getting approval from a co-op board or homeowners association. This means if you want to make substantial changes like replacing windows, removing interior walls or painting the outside of the condo, you will need to seek permission. Researching the details of a condo community's rules will help you determine whether you would feel comfortable with them or if you'd rather have more freedom to modify your property.
Purchasing a condo is the perfect option for many potential homeowners. As long as you consider these key factors, you'll be able to make the best decision.
As a top producing agent, I specialize in Oakland and S. Genesee County areas. I work with all types of Buyers and Sellers, including first time, move up, relocation, second homes, luxury homes & investors. I am a company top producer with Real Estate being my full time job. Through out my over 20 years in the business, I have been actively involved in my local Board of Realtors serving as a committee chairman, a member of the Board of Directors and as past president of my local board of Realtors. I love my job and love all things real estate. My goal is to provide you with an experience above and beyond your expectations so you will want to refer me to your friends and family. I constantly strive to build a strong working relationship with my clients. My goal is to be “Your Realtor for Life”. Let me make you and your Real Estate needs my number 1 Priority!
