Living in a condominium requires less maintenance than a home because are governed by the Home Owners Association that means maintenance and repairs are the responsibility of the HOA (Home Owner’s Association).
Condos are always built near sections of the city where there lots of amenities and luxuries for our active lifestyle, such as banks, grocery stores, and retail stores, and even hospital. Condos have security systems for the safety of the residents. Living in a condominium is a wise choice and maybe safer than a single family home.
The difference between a house and condo when it comes to garbage disposal is that, people living in condos have a “tidier” and “organized” way of throwing stuff, while people living in houses normally put their trash in one area (communal) for the germs and flies to feast on. Uh-oh! Watch out for the neighbor’s cat!
What to consider when buying a condo?
If you are consider buying a condo, you likely know that condominium purchases are one of the hottest real estate transactions going during peak home buying season. This is because for both first time homebuyers as well as those who are looking to downsize their housing needs, condos still remains quite affordable. While at one time condos had somewhat of a bad reputation in the real estate industry, today they continue to appreciate in market value at a rate that is almost as fast as that of single-family residences.
In the past few years, most condo owners have found they remain quite satisfied with their purchase provided they took the time to make the right purchase. If you are thinking about buying a condo, it is important to make sure you know what to look for as well as what to avoid in order to find a condo that won't make you regret your purchase later on.
For example, there are several things to look out when buying a condo and which can be reasonably avoided.
First, it is important to check into how the condo is managed. Quite simply, some condo complexes are badly managed. It is also important to do some research and make sure you are aware of the fees that are associated with maintenance of the condo. While fees may be common enough, you want to make sure they are no absurdly high in relation to the level of maintenance quality the complex receives.
It is also important to take the time to find out who occupies the other units of the complex you are considering. Unfortunately, there seems to be a trend in many complexes for units to be occupied mainly by renters rather than owner occupants. This can create a problem when the occupants have very little pride of ownership; making it almost unbearable for those who have paid good money for their own units.
When considering a condo purchase there are two main factors that you should first look into.
- Ponder on the thoughts when preparing to buy a condo. Is it the right move? Will it fit my budget? Will it fit my Lifestyle?
- Check the advantages and disadvantages of an urban lifestyle. Check out various Condos and note their strengths and weaknesses and also take note of the price range.
- Get pre-qualified for a mortgage.
- Inspect the building complex of your desired condo location.
- Make an offer and close on the deal.
- The buildings within the area: check the proximity of schools, hospitals and other buildings to your chosen area, so that you know where to go in times of emergency and also so you can estimate whether your area is a passing-thru area for other people who have to go to these places.
- Traffic situation: The closer you are to business establishments and other major institutions, the greater the chances that your neighborhood will be exposed to noise and to heavy traffic.
- History. What was the area before they put up your house? It pays to know what was once there.