Buying your first condo is not similar to any other thing you have done before. You must consider numerous factors before making an offer. But why should you choose a condo and not a family residence? The answer is simple, most of them are sold at a more affordable price. Depending on where the property is located, you can also benefit of amenities like a pool, a tennis court or a fitness center. Caring and maintaining a condominium is simple, and it’s the perfect choice for someone who is going to buy their first home.
Before purchasing one, you should know that they are different according to the neighborhood or area where they are located. It’s advisable to get to know the community, fees, rules and amenities you will get if you decide to purchase one.
Here is a simple guide that will help when you are buying your first condo.
Is a Condo the Right Choice?
One question you should ask yourself before starting to look for properties, Is a condo the perfect choice for me? As stated before, owning this type of property is quite different from having any other type of family residence. You should weigh the pros and downs of the ownership and decide if this choice is the right one.
The greatest distinction between a condo and another type of house is the nearness to the other inhabitants of the residential complex. Other condominiums will be attached to yours, so you have to try to decide if you will feel comfortable to live like this.
Another aspect you should consider is the care of the exterior space. If you like to spend time working in the garden then this may not be the best solution because the neighborhood association will probably care for the entire complex. You will only have to pay a fee and they will do everything, from planting flowers to trimming trees and cleaning the surroundings.
Collaborate with a Professional Realtor
Buying a condominium is a more complex process than purchasing any other type of residence and this is why you should benefit from the help of an expert. You should inform the real estate agent about your preferences, and according to them, they would do their best to select a few options from which you can choose. You should provide them information on the type of community you would like to join, the amenities you want the residential complex and the neighborhood to feature, and the advantages you want to get from living in your condo.
It’s vital to hire a real estate agent who has experience with condominiums in that particular area because real estate markets tend to differ. They not only that will guide you during the purchase, but will also make sure that you do not overlook certain documents.
Determine Your Budget
You shouldn’t search for homes before establishing how much you afford to spend. If you don’t have saved money you should establish the monthly payment you are comfortable to spend. When you know what the maximum price you afford to spend is, you can connect with the real estate agent and look for options.
The price range will probably limit the results, but it will ease the process because you will check only the properties that fit your needs. The price will also influence the location where the condo is located and the amenities it features. If you have a limited budget, you should check the condominiums located in the suburbs.
When you are buying your first condo it’s very important not to take up your entire budget. Why? Because you have to leave room for unexpected expenses, renovations, repairs, and other costs.
How Many Bedrooms?
Once you know the price range, you have to establish the size of the condominium, and the number of bedrooms. Knowing how many bedrooms the property should have will narrow the search. This question is important especially for the people who have children or for the ones who plan to expand their family. Are you ok with your children sharing a room? Do you want to have a spare room for guests? Do you want the property to come with potential space for your elders to move in?
Some of the condos for sale have extra spaces that can be converted into bedrooms. For example, if you find a property that comes with an office you can convert it into a guest room. A terrace can also be repurposed and used as a kitchen or living room. The number of bedrooms is not the only aspect you have to decide, but also their size because siblings can use a large bedroom, but a tiny one will not be able to host more than a person.
How Many Baths?
Just as you have to decide how many bedrooms you need, you should also consider the number of bathrooms. Is one bathroom per bedroom enough? Do you want your kids or guests to use a separate bathroom? When it comes to bathrooms, you should also decide the features you want each of them to include.
Most of the people prefer the master bathroom to have a tub and two sinks, and the guest one a shower and a single sink. When having children it’s advisable to have a bathroom with more than one sinks, to make sure that everyone is ready in the morning.
Buying Your First Condo
It’s important to check what the condominiums include and to compare the benefits and disadvantages different properties have. For drivers is important the complex to also have a reserved parking spot and even additional storage spaces. Do not forget to ask for how long the parking spot and storage space are available because sometimes they are free of charge for a determined period. Finally, yet importantly, make sure you know what association fees you have to pay because it’s important for you to know how much you will spend monthly.