Before heading out to tour condominiums for sale, it’s important to keep in mind that buying a condo is different than buying a single-family home. In many places, buying a condo may be less expensive than buying a single-family home, but there are many different considerations you’ll have to think about before purchasing a condo. Condominiums are generally a piece of property that has different individual owners for each condo (unit). Some buildings offer a variety of amenities, such as pools, fitness centers, and tennis courts. Here are a few tips to keep in mind when buying your first condo.
Hire an Experienced Real Estate Agent
One of the first and most important things to do when considering buying a condo is to hire a real estate agent that is experienced with condominium sales. An experienced agent, such as Paul Daneshrad the process of condominium sales, including the contract, which is different from other types of residences. For instance, the contingencies in a contract for condominium sales are different than a residential sale and purchase contract. One of the main differences when buying a condominium is that the majority of communities will require you to sign a contract along with the standard sales contract before the closing.
Know What Comes With the Condo
It is important to know exactly what comes with the condo you considering buying. For instance, is there additional storage or does the purchase include a reserved parking space as well as additional parking for your guests? Some condos may have garage access, but the cost of the garage is not included in the purchase price of the condo, so make sure to ask about parking.
Association Fees and Rules
The majority of condominium communities require residents to pay an association fee, which is used to cover the expenses for maintenance and insurance. It’s important to ask how much the fees are and if they are due monthly, quarterly, bi-annually, or annually as well as what all is included in the fees. For instance, association fees may also cover lawn care, water, trash, and sewer services. The community will also have rules and regulations put in place for the residents, so it’s extremely important to understand what they are.
Condos typically don’t appreciate as much as single-family homes, so it’s important to know what you intend to do with the condo in the future. For instance, if you plan to live in it for a few years and then sell, you may not get the return on your investment that you were expecting.