Best Tips for Buying a Condo In 2021
You may be thinking of buying a condo as a first-time homebuyer, or maybe you are trying to downsize from a house and leave all the upkeep and maintenance to the association. You may also be looking for a place that is full of amenities for you and your family to enjoy. Whatever your reason, you want to make sure to buy the best condo to fit your needs and your budget. Here are some tips on buying the best condo for you and your loved ones in 2021.
Think About Your Lifestyle
If you are on the fence between buying a house and buying a condo, now is a great time to weigh your options. If you love the privacy of your backyard and hate the thought of sharing a wall or a ceiling with a neighbor, a house might be what you should be looking for. On the other hand, if you want nothing to do with maintaining the common areas but want to enjoy the gym, pool, movie theater, or whatever satisfies your interests, a condo might be more your style.
Look for a Broker with Condo Experience
Condos and houses have different issues, different strong points, and appeal to different people. Your broker should be on the same wavelength as you and have plenty of experience selling condos. You want someone who can answer all of your concerns, be familiar with condo association documents, and guide you through crucial steps when buying. They should also be able to tell you if any financial issues are impacting the association or if any assessments are planned for the moment you move in.
Focus On the Amenities
A very good reason to move into a condo these days is the multitude of amenities available. Make a wish list of those that are important to you, and don’t settle for a condo that does not have them. Tech Realtor Spencer Hsu suggests that you keep in mind that a building might have some amenities that you will never use but having them will work in your favor when the time comes for you to resell.
Ask About Any Upcoming Projects
If the building is about to start a painting project with additional concrete restoration or if they are planning to remodel the lobby and all the common areas, you want to find this out before you buy. Not only will a major project make a dent in your finances, but you may also have to live with a certain level of noise and dirt for many months. If there is a major project ongoing, find out if the current owner has already paid the assessment or if it will be your responsibility to do so.
Find Out About Condo Fees and Regulations
If you are going to live in your condo full time, you may not want a building that allows for short-term rentals with their accompanying constant flux of new people. You may also want to find out about the monthly maintenance dues and what they cover. Also, ask about rules such as soundproofing and noise reduction and whether there are provisions in place if you want to rent out certain amenities such as the meeting room or the gazebo to hold a party.
