Let us first look at what a condo or condominium is. It has been defined as a type of homeownership in which the individual living units of a large complex are sold to different individuals. A condo could be anything from a townhouse to a redone apartment to even a commercial warehouse. No matter what the building is at present, if it is a mult0unit structure, it can be converted into a condo in the future. If you are moving to a new city and intend to spend several years there, it would be wise to consider buying a condo instead of renting out an apartment. This is even more so the case if you have a family. Your first step to finding the right condo for you should be to find a good real estate agent who can show you the right properties that fit into your budget. This will be a much harder task if you try to do it on your own!
In addition to finding the right real estate agent, there are a couple of other tips you should follow before you purchase your very own condo!
When it comes to buying a condo, you may not always have to make the entire payment in one go. This essentially means you can keep making monthly payments until you pay the entire amount off. But, while this seems like a huge benefit, it could also cost you your living space if you do not have the budget correctly. Therefore, you need to keep in mind your income and then calculate how much you can spend on the condo.
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Next, carry out a thorough inspection. Ensure that you are not buying something that will require several repairs and maintenance costs. At this stage, you scout your neighborhood and see if it is to your liking.
Ensure that you have health care, food, entertainment, and education if you have kids, all relatively close to your condo.
Next, speak to the current owners and clear any doubts you may have regarding the regularity of maintenance and repairs. It may even help to note down the names of the companies/individuals that they use so you can continue to do the same.
Look at the amenities offered to you, such as a swimming pool or a gym. Additionally, inquire about storage facilities that come with your condo as well as the security of it.
Of course, you have to find out about privacy. This primarily refers to how soundproofed your condo is from other condos. The last thing you want is to move into a condo that you have paid for to realize that you can hear your noisy neighbours next door all through the day and night.
Every condo development will have a Home Owners Association. Once you start living there, you will have to abide by their rules. Therefore, ensure that you go through this list before signing the papers, making you an owner.
Lastly, even if everything is up to your mark, getting a second opinion from someone you trust never hurts!
