The closest one can get to enjoy the ideal live-work-play lifestyle is perhaps condo living. This kind of lifestyle is attractive to buyers who are looking for an affordable dwelling that comes with top-notch amenities, requires less maintenance, and is situated in a prime location.
So, if you are planning to get a condominium unit, check out this guide to first-time condo buyers to ensure a successful condo purchase.
Know Your Budget
As exciting as the condo shopping process is, as the costs for obtaining a condo is independent of the costs for maintaining and keeping it, is essential for first-time buyers to assess their financial capacity first.
Aside from the mortgage that you will have to pay to your lender, there are other costs to be prepared for such as realty taxes, association dues, and utilities. Make sure that you are financially ready for these future expenses before buying a condo.
Pinpoint the Location
Consider the traffic in the area, the neighborhood’s security, and the property’s proximity to your workplace, school, friends, and relatives, most especially if you are leaning toward a long-term investment. Although living in a prime location may seem the most ideal, it is essential to understand what your purpose is for buying.
Choose the Type of Condo
Another vital decision is the type of condo that will best suit your immediate needs. Assessing which type of condominium unit to buy is an essential factor that first-time home buyers should take into consideration.
A home buyer can choose among many different types of condominium units. The types of condo units are Studio-type, One- to Three-Bedroom, Loft or Z-Loft, Bi-level, and Penthouse.
Hire the Right Developer and Agent
Make sure that the property developer has a solid reputation and portfolio, and that the agent you are negotiating with is a licensed practitioner when shopping for a condo.
For condos that are still in the pre-selling stage, the reputation of the developer matters a lot because it ultimately determines whether the condo will be completed.
Consider a Unit Viewing
Descriptions and photos can be helpful when shopping online, but at some point, you will have to survey the unit personally.
Imagine your furniture inside when viewing the actual unit so that it will be easier for you to assess whether the rooms are spacious enough for all your possessions.
It is also an excellent time to thoroughly inspect the unit’s interior and exterior to see if any underlying problems have not been disclosed.
Know the Association Dues and Other Fees
Association dues are monthly fees paid by residents to the homeowners’ association (HOA) to cover the upkeep of the condo complex and fund common interests and unexpected issues.
Make sure you can afford this extra payment before sealing the deal, as it is not the only expense that you will have to pay for
Check the Amenities
Because of the amenities it offers, a condo may be expensive. Typical amenities include swimming pool, gym, children’s playground, heat pumps and furnaces, function room, and the like.
Assess whether the value of the amenities available to you corresponds to the price you are paying.
Understand the House Rules and Regulations
Living in a condominium also equates to investing in a shared property. Which is why rules and regulations are strictly implemented and followed—to maintain the privacy, peace, and security of all residents regardless of their lifestyles.
Make sure that you fully understand the restrictions and are willing to comply with every single one before signing any contract.
Resell Price and Property Lifespan
Before buying your first condo, consider that at some point, you will be bound to sell, lease, or flip it, as lifestyles and priorities change over the years, and condos don’t make an ideal inheritance.
Some may get confused as it is a fact that real estate is an investment that appreciates over time. Although generally accurate, condominiums, however, don’t increase in value as fast as houses do.
Discover Your Financing Options
Unless you intend on paying for the unit in full, as a prospective condo buyer, You will eventually have to apply for a housing loan.
It is advisable to determine which lending source would best work for your current and unique financial situation as early as now. That way, you will have a better chance of getting approved for a loan.
Takeaway
If you are one of those people who is planning to buy a condo, before making the final decision, you need first to check out a couple of things.
Although the things you would be considering before you buy your choice of condo ultimately depend on your lifestyle and selection preferences, careful consideration of many varying factors is still vital in helping you arrive at the best decision.