Buying Condominiums: Some Essential Tips
The condominiums are a lot cheaper and much smaller than the single family homes. Besides that, they may come equipped with several attractive amenities like fitness facilities, swimming pools etc. Below, we have presented some essential tips for people looking to buy condominiums.
- Before buying a condo, you must have an idea about the time you will be staying in a single place. Purchasing condos is not much different than purchasing single family homes. A condo buyer also needs living there for a minimum of 2 years for recouping the closing costs.
- The condo buyers must also have clear idea about their requirements. Condo buyers, who are not interested to have a sauna or pools must know that their disinterest in sweating or swimming will not reduce the price of the condo and also not have any impact on the association fees they will have to pay every month. So, people not looking for these facilities must choose other accommodation options.
- Once you have decided to buy a condominium, you should perform a thorough market survey on your own. Visit as many condominiums as you can in your preferred locality. This will allow you to know the facilities you can expect in your future abode and also give you an idea about the prevailing prices of the condos.
- Next, hire a real estate agent to perform a market analysis on the selling price of condominiums in your preferred locality. Finally, based on your own research and the research performed by the real estate agent shortlist a few condos.
- This should be followed by getting prequalified for the mortgage.
- Among the building shortlisted by you, pick the ones that have good reputation. You can do that by speaking to the current residents; ask them about the frequency at which the buildings are repaired, how much maintenance is required for the buildings, the quality of soundproofing existing between the units etc. Also check things like security features, storage and parking facilities of the condos. Finally, based on these factors, choose the condo for buying.