Choosing to buy a condo is a huge commitment. If you have never bought one before, you may be surprised at everything you need to consider. Having a mortgage is far different from renting. Furthermore, purchasing a condo is much different from buying a house. Here are some things to consider when making your decision:
Location
Location is probably already at the top of most prospective condo buyers’ lists. You need to think about commuting, amenities, and surrounding neighborhoods. If you are not happy with your current location, a condo will not fix that.
Nicer neighborhoods and centrally-located buildings come with a higher price tag. When looking for a condo that you want, make sure to weigh the benefits of living close to the city or in a specific neighborhood. Compare these benefits to your budget to make the best decision.
Size
Condos come in all shapes and sizes. You need to decide what is the right size for you. Especially when it comes to decorating your home, you want to ensure that you have enough space. Smaller condos can be cramped, and you may run into issues with storage.
You need to think about the size of the condo, especially if you have pets. Some pets are safe to have in small spaces, while others require lots of space to move around. If you work from home, you may want to invest in a two-bedroom condo. Separating your office from the rest of your home can be a huge help when it comes to maintaining your work-life balance.
Number of Units
When you are buying a condo, you are buying into a community. The size of the community is something you need to consider. If you want to be around many people, then a condo with lots of units is perfect. However, if you want more privacy, a condo with fewer units may be a better fit. You need to decide what is important to you and find a building that offers the amenities you are looking for.
Building Age
The age of the building is something else you need to consider when buying a condo. If you want a newer building, then you will need to be prepared to pay more money. Buildings that are older often come at cheaper prices, but you may have to deal with some repairs. Be sure to ask the condo board about any recent repairs to the building. This will give you a good idea of what you can expect in the near future.
Additional Fees
There are many additional fees to consider when buying a condo. You need to think about the cost of monthly fees, special assessments, and repairs. Make sure you have enough money saved up to cover all of these costs.
Unlike a rental property, you will not have access to a landlord when something goes wrong. If you are not prepared to take on these additional costs, then a condo may not be the best choice.
In addition to ownership and repair costs, you will also need to budget for HOA fees. These payments go towards the upkeep of the community, so you will not have to worry about things like landscaping and snow removal. However, they are fees that you need to be aware of ahead of time.
How You Plan to Use Your Condo
Whether you plan to use your condo as a primary residence or a secondary residence is another thing you need to think about. If you are buying a condo as an investment property, you need to make sure that you are prepared to do so.
Reaching out to a condominium management company like Wilson Blanchard might be a good idea. They can help you manage your property and ensure that you get the most out of your investment.
Buying a Condo vs. Buying a House
There are a lot of pros and cons to both buying a condo and buying a house. When you want to make a decision, it is important to weigh all of the options carefully. Here are some things to consider when making your decision:
Condos often come with lower monthly fees than houses.
Homes carry lots of fees and assessments that condos do not. For example, homeowners must pay for repairs and landscaping across their entire property. However, owning a condo comes with its own fees. Each month, you will have to pay a condominium fee that goes towards the upkeep of the building and community. You will also need to pay property tax.
Condos offer less space than houses.
Since condos have less space than homes, they are not as ideal for dog owners, families, or people who like to entertain. If you are looking for a lot of space, then buying a house is the better option for you.
Condos often have rules and regulations that homeowners must abide by.
As a homeowner, you are responsible for following all of the rules and regulations set forth by your condo board. This includes things like noise levels, pet policies, and parking restrictions. If you are not prepared to follow these rules, then a condo may not be the best choice for you.
Homes offer more privacy than condos.
Since condos have more units per building, it is easier for your neighbors to see what is going on in your home. If privacy is one of your primary requirements, buying a home is the better option.
Condos usually offer cheaper insurance rates than houses.
Cheaper insurance rates in condos are because condos are usually at a lower risk for insurance companies. They are, however, still susceptible to damage and theft. So make sure you shop around for the best rates before purchasing condo insurance.
When considering all of these factors, it is essential to remember that there is no right or wrong answer. Buying a condo or a house is a personal decision that should be based on your specific needs and wants. Talk to your family and friends about their experiences, do some research, and decide best for you.
Also Read: Aspects To Consider When Buying A House
