When you want to own your own home instead of renting from a property owner, but you don't want to worry about mowing the lawn, repairing the roof, or clearing off snow, a condo is the way to go. With a condo ownership, you own the unit and have your own private space of real estate value, but you need to know some essential tips as you search for the right condo to buy for you. Here are some recommendations as you start off your search for a condominium for sale.
Consider the Property's Amenities and Features
When you buy a condo, you need to consider all the other features and amenities you will get along with the ownership of the unit. Be sure you thoroughly tour the property and its community amenities and understand exactly what you will have access to so you can make an informed decision.
Some types of amenities will vary by the type of condo property, building, and area of development. You may find a condo has amenities such as a private gym, swimming pool, and racquetball courts, a dog walking park, playground, or a walking trail.
Talk to your realtor about the types of features and amenities you want to utilize with your condo ownership, and they can help you find the right properties in your search parameters. This can help you save on extra costs, such as if you have a gym membership, you can have access to the condo's gym that is included in your ownership portion.
Calculate Your Home Ownership Budget
In buying a condo, you will need to calculate your new expenses and home ownership fees that come along with your new home. A condo is going to be managed by a homeowners association (HOA) which will manage the property and its upkeep, which will add the cost of the HOA fee. This fee can be anywhere from a hundred dollars to several hundred dollars, depending on the property's costs. A property with more common areas and facilities and amenities that you use can increase the costs. However, older condos with a lot of maintenance requirements may have a higher HOA fee than a newer condo.
If you are looking to buy a condo in an urban area, there may not be a parking lot for the property and its residence. In this situation, you may have access to rent a parking spot at a nearby parking garage, which will add on an extra cost. And if your condo does not have laundry in the unit, you need to plan for laundromat costs.