Whether you’re buying a condo or a house, the choice comes down to your lifestyle. Some people find buying a traditional home to give them more bang for their buck, but for others, having the convenience of living near shopping malls and city landmarks, and not having to deal with yard work are worth getting a condo for.
Is a condo the right property purchase for you? Here are 10 things you should know and consider before buying one.
1. It’s a shared responsibility.
One difference between living in a condo and owning a home is that the responsibility of maintaining the exteriors, features, and other public areas of the building doesn’t fall on you, since that is a job for the condo management. You can always count on your place of residence to look attractive and presentable at all times.
2. The set of amenities the building is offering.
Aside from knowing what kinds of cool amenities you can use once you’re residing in a condominium building, you should evaluate whether you’ll be getting good use out of them or not. The more amenities, the higher the condo fees, so make sure you’ll be using the pool regularly if you’re buying a condo because of it.
3. Condos have rules.
A condo doesn’t come with the same freedoms as a freestanding home. Condo-dwellers are required to abide by the rules and regulations in the building, and you must know what these entail before buying a unit. For example, it’s common for condos to prohibit loud noises at night.
4. Condos can be cheaper than a house.
A condo unit is much cheaper than a three-bedroom family home in a subdivision, so it’s the better option for young professionals who work in the city or single people who may not be able to afford the costs that come with buying a house on their own.
5. Condos include other fees.
While it may be cheaper, condos charge ongoing association dues monthly, quarterly, or yearly for the cost of maintenance, home repairs, and security.
6. Condos offer convenience.
Those who live alone or don’t have a lot of time on their hands find condos to be more convenient because you don’t have to bother with home maintenance and repairs. Condos have staff that you may call on to help you with these concerns.
7. There are various financing options available to you.
A purchase as large as a condo unit is an investment, so if you want a good return on investment (ROI), learn how to use as little of your own money as possible to pay for it. Find out more about bank loans and other financing programs you can apply for.
8. The condo’s resale value.
Before investing, think about your exit plan. Ask yourself if the condo is still going to be valuable in the long run, which can be determined by many factors, including location, amenities (current and developing), and the establishments and infrastructure that may be built in the area.
9. Size matters.
Condo units come in all sizes, and most of the time, you're not going to get as much space as you would in a freestanding home. You should know how to maximize space by choosing the right pieces of furniture.
10. Allocate a budget for improvements.
Most condo units come bare upon turnover, so set aside a budget for any improvements you want to make on the unit. Find out how much modification is allowed in the building before proceeding.
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Learn more about Suntrust Asmara here.