Now, you may be considering moving closer to your work and to the city. With massive vaccination drives being pushed all over American and with more than half of Americans already fully vaccinated, it may seem like a wise decision. A condo can indeed be a treasure trove. With spot-on amenities to get your work-life balance in order and a community of like-minded professionals as neighbors, the prospects can be exhilarating.
Hold your horses though. Not every condo property is created equal. The deadly collapse of the condominium in Surfside, Florida recently should ring a bell. Residents, with Raysa Rodriguez at the lead, have filed for a class-action suit. In 2015, Raysa also filed a suit against the management, to no avail. This year, over a dozen people have died as the structure collapsed without warning.
Of course, this only shows that you need to be picky when zeroing in on a condo unit. You should take things in stride. There’s a chasm of difference between deciding to live in a condo and living in a suitable one. Listed below are key essentials to help you navigate the market and make the latter happen.
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Consider Your Way of Living
While a condo may mean cheaper expenses for you than buying outright a lot and building a house on it, there are homeowner’s fees to consider. That tells you you should consider your lifestyle first and foremost before you even decide to buy one. Of course, this is assuming you’re buying to settle and not for business.
Are you a busy executive who doesn’t have the time to clean the lawn? How about taking care of your driveway? Would you like to spend less on roof maintenance and the HVAC? If you answered in the affirmative on these questions, then hop in. You’d thrive more with condo living.
But if you want to be in a quiet neighborhood where you can do a lot more thinking, condos may be too crowded for you. Additionally, if you have a family and the baby’s on the way, you might think of exploring a house with a large backyard for everyone to spend more quality time.
Indeed, it’s important you consider your lifestyle. Check if it fits condo living. Remember, though you may not be living directly with hordes of people in your room, you’d be meeting a lot of them more often than you may want as you come and go daily.
Work with an Experienced Realtor
A home mortgage loan is definitely worth looking into when buying a condo. Bear in mind that condos unlike apartments are owned not rented. A mortgage can be a great way to acquire one without having to spend your life savings.
But before you look at financing, seek the services of a reliable real estate agent. A good one can save you a lot of trouble. To do that, find someone who has already a track record selling condos. That way, the professional can expertly guide you to the best deals in town without having to squander your money away.
There’s a lot of insider information you need to know about buying a condo. One of the things you need to know is if there’s a peaceful coexistence between condo unit owners and condo management. People matter. No matter how beautiful the units are if lawsuits are flying here and there between parties, it may not be worth it.
List Ahead Your Preferred Amenities
Location and budget matter no doubt. But you’d want your condo to fit your lifestyle perfectly. So, before you settle on one choice, list down what are the amenities you need to consider settling in one. The last thing you need is to be timid about it. That’s simply because you’re paying for it.
A good way to know what amenities you want is to bear in mind that you may sell the unit someday or rent it out.
Mind the FHA Approval
Take note that your mortgage may be processed a little longer than usual when buying a condo compared to other property types. A major reason for that is the condo development itself. The mortgage company will want to look closer into it, plus your own personal finances.
It rsquo;s best therefore you take a look at the FHA website and check if the condo is approved.
In this regard, you should take the time to research the company running the condo. The recent Florida condo disaster should keep you on your toes. A good management company should have a scintillating presence with its condo unit owners expressing satisfaction. A quick look at online reviews should get you started. Even better, take a quick tour and ask around.
Mind the Fees
Never go in blind. Money is needed for all the upkeep of the condo. Know how much you would be paying for HOA fees. Review the fine print. What services does it exactly include? And how about special assessments? How often are there in a year to fund a project?
Take time to talk to unit owners. Their good assessment should speak volumes on your future journey. After all, the proof of the pudding is in the eating.