Information on Buying Your First Condo
Buying a condo is a lot different than buying a regular, single family home. For many home buyers trying to understand if a condo is right for them is the first step. For one, you will need different insurance for you condominium. You also need to review all condo documents, including fees thatwill be assessed for condo boards, property upkeep and maintenance.
Similarly, you will have to review the condo association’s financial statements, as well was what you will be responsible for – and what you will not. It is best to review condo association minutes before buying a condominium. Generally, some condo unit purchases can be cheaper than investing in traditional homes. However, it depends whether these units are situated in luxury high-rises, or regular town-home style apartment complexes.
The Benefits of Buying Condos over Homes
There are many benefits of buying a condo over a standard home. For one, you do not have to worry about landscaping or maintenance like you would for deed-restricted homes. All property upkeep is done by condo appointed contractors or agencies.
This includes any property repairs, along with roof maintenance and other essentials. You condo fees cover these services – so all you need to worry about is making monthly rental payments if leasing. However, for condo ownership – you are literally purchasing a home – so your main expenses will stem from association and other miscellaneous fees and expenditures.
Here are some more benefits of choosing condos over regular homes:
• No worries about landscaping or property maintenance as mentioned above.
• You and yours will have access to all on-site amenities, which usually include pool access, entertainment centers, business centers, fitness centers, spa treatments, and even lounging – picnic – and social gathering areas.
• Most condos also feature ample storage for personal belongings. Buildings also have on-site pools, gazebos, and even meeting rooms and gyms.
• Condos feature large terraces, ample sunshine, and spacious rooms and closets.
• Condominiums are designed with contemporary and modern décor, including smart kitchens, appliances, and even on-site concierge services; dry cleaning, laundry, dog-walking, valet, car parks, and more.
• These lavish and elegant buildings also feature plenty of open spaces with beautiful landscapes, botanical gardens and flora. Similarly, there are usually plenty of walking – bicycling – and jogging paths in close proximity to your high or mid-rise establishment.
Condos are Truly Convenient
Buying a condo is also a lot more convenient than a home. Remember, your ownership does not have to include time-consuming closing costs and surprise expenses. As long as you familiarize yourself with the condo fees and assessments, you should be good to go.
However, you also have the same freedom to take out loans for condo buying purposes. These are relatively the same as home subsidization – but with different rules and cost structures. You can speak to your financial adviser or even a try to find a good real-estate agent to learn how condo buying differs from home purchases.
For more information on buying a condominium, simply check the Web for current listings in your area. You can also consult with a real-estate agency – who have the skills and expertise to connect you to condos that meet your needs and budgetary concerns.