There is no other feeling as great as feeling at home. And when you are the homeowner of your comfortable space, that feels divine. Suppose you are diving into homeownership and wondering what kind of homes will be worth investing in considering your luxury requirements and budget. In that case, a condo can be a great choice.
The condo is short for a condominium which is a single unit within a multiple-unit property. It can also be one of many units in a high-rise building or even a smaller building with two or three units. And a condo can be anywhere, including freestanding homes, townhomes, and apartment-style buildings.
But whatever it is, as a condo owner, you will get the title of your individual unit and the shared ownership of the common areas. Like any other property owners, condo owners also need to pay for their utilities, property taxes and maintenance, and other costs depending on the community. And just like purchasing any other type of house, you also need to know specific rules while buying a condo.
Though condominiums are way more affordable than single-family homes with a backyard, you must not compromise your preferences and budget while buying a condo. In this article, we will share a few tips for buying a condo that matches your luxury requirements and budget.
4 Tips For Buying A Condo Within Your Budget And With All Your Luxury Requirements
Consider Your Existing Lifestyle
There is a misconception that people who cannot afford or don't want to spend much on buying houses opt for condos. And that is an absolutely wrong notion. In fact, many people with adequate bank balance like staying in condos since they hate spending their weekends trimming the hedges and mowing the lawn. But regardless of why you are willing to spend on buying a condo, the one you will invest in must be comfortable for you.
If your lifestyle allows you to stay in harmony with neighbors sharing walls, floors, and ceilings, there is nothing better than a condominium. Additionally, condos are for small families since the interior tends to be smaller than individual homes. Therefore, if you are considering buying a condo, it is essential to understand your space requirements.
Find A Real Estate Agent With Best Interests In Mind
Now, if you are sure that buying a condo is the perfect decision you can ever make, the next thing you will want to do is find a real estate agent who will understand your requirements and have your best interests in mind. A realtor with a track record in condos will be ideal for you since they can address any concerns and guide you through all the crucial steps like reviewing your documents, gathering information about the condo association, and more.
The realtor you are hiring should also know the condo developments in your area and the possible issues of those condo communities. For example, if you are looking for a condo in Houston, Tx area, your realtor must know what could negatively affect your life, such as structure or infrastructure problems of the building, the community rules you can't abide by, etc. A good agent will always tell you about the animosity of the community issues since an owner needs to know everything beforehand.
Make A List Of Amenities That You Want
Condominiums come with a wide variety of amenities like a dedicated concierge, valet parking, in-residence dining, a park, a large pool deck, private cabanas, specialty bar, fitness center, meeting rooms, and more. While working with your realtor, talk transparently about the amenities you want and preferred locations and budget. While investing in buying a condo, you are also buying access to the amenities that you want, so there is no need to be shy about putting them on your wish list.
Here is the last tip on this. There are some amenities you might not plan to use right now, such as a swimming pool. But it might still be worth having since it can bring you a good resale value. A condo without modern amenities might get a lower resell price.
Ensure The Condo Is FHA Approved
If you want to get a mortgage for a condo, remember it can be more intense than it is for any other type of property. The reason is condo development comes under scrutiny in addition to your personal finances while applying for a loan. It is recommended to discuss with a mortgage professional with experience in condo to find and settle for the correct financing for your purchase. The Federal Housing Administration insures FHA mortgages, and if the condo you are eyeing does not have FHA approval, you might not get a conventional loan.
Know About The Association Regulations And Fees In Detail
Not only the mortgage, but you also need to pay the condo association fees to upkeep the property and its amenities. But you must review those fees beforehand and ask what you need to handle outside your monthly EMIs. Also, know how often the fees increase and by how much.
It is also better to ask about the rules of the condominium association, such as if there are any noise restrictions, rules for booking the common areas, and more. Understanding those rules ahead of time will help you determine if the community is a good fit for you. Also, ask the property management company how they handle complaints and issues. For example, how responsive they are if there is any problem on weekends or holidays. From the answers you get, you can figure out how much support you can expect from the association and the property management company.
If you are a first-time home buyer, condos are appealing options if you are acclimated to condo-style living. Condominiums are potentially lower-priced and come with lower maintenance costs. They also bring opportunities to be social and give you access to top-notch amenities like a business center, dog park, covered parking, clubhouse, pool, grilling area, and more. No matter what your goal is with investing in a condo, there are multiple condos for sale you can find and compare. It's better to consult with a real estate professional specializing in condos to protect your interests during the process.