Moving to a new place can be overwhelming yet life-changing. You can start life on a clean slate in your new home, be independent, and build your dreams.
The choices are aplenty when shopping for a new home. One of the most popular housing options is a condominium. It is a privately owned residential property with several units for each member of the condo community.
Before buying a new house or a condo unit, it would help if you had a checklist to track the ins and outs of securing a property. For one, you want to ensure your and your household’s safety by availing of fire protection kits for your new home. If you own a condo, it is your responsibility not only to upkeep and maintain your home but also to observe community rules set by the property managers and owners.
Indeed, a real estate checklist is essential when buying a condo unit because it helps you in more ways than one. It guides you on the steps you must take to ensure a smooth process, from research to shopping and turnover. Buying a condo is an exciting experience, but the process can be daunting. Still, you can make things more manageable with ample preparation and research.
What to Look For When Buying a Condo Unit
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In some ways, condominiums resemble apartments, townhouses, or smaller homes within a large neighborhood setting. For instance, you could share an apartment complex with other tenants and rent one or more of its units. Similarly, a condominium unit is part of a building complex, and you must rent or purchase a unit for your use.
Condos are also usually in trendy places such as progressive cities and business districts. As a condo tenant or owner, you can enjoy attractive amenities, including gyms, swimming pools, and clubhouses.
Looking for a condo unit that suits your housing needs is similar to shopping for a traditional house and lot. It’s in your best interest to work with a trusted real estate agent who can help you get the best deals in the real estate market.
With that said, here are some things you should consider before buying a condo unit:
Ownership
First, you need to be familiar with condo living. Except for your unit, you share common areas like lobbies, elevators, and standard amenities. You must also pay condo living fees as part of the condo unit ownership agreement.
With condo ownership, you only have to maintain your unit’s interior. You don’t have to worry about keeping the lawn or driveway. As such, condo life is ideal for older homeowners, frequent travelers, young families or even young homeowners, and those who don’t have the energy or time to tend to home maintenance.
Location
The location of your condo will have a massive effect on its value. Many condos are close to corporate offices, good schools, and other essential facilities like hospitals, churches, and markets. The convenience of being near these areas makes condominiums an attractive investment.
Most people might neglect this next fact, but you should also consider where the condo unit faces since it can affect the amount of sunlight that goes into your home.
Ideally, your unit should not be hit by direct sunlight so it can stay cooler during the entire day. If you end up with a unit directly facing the sun, you can always buy blinds or window films to filter the excess sunlight. A spectacular view outside your window can also be crucial when purchasing a condo.
It would also be best to consider how the neighborhood would change in the future, as this could affect your investment. Are there infrastructure developments underway in your condo’s location? What are the local government’s plans regarding industries like tourism? The more developed the area is, the higher price the condo will fetch.
Size
Property size affects a condo’s value, too. If you plan on living alone, you could go for a studio or one-bedroom condo since it’s more affordable than larger units and easier to maintain.
Determine the square footage of your preferred unit and whether it suits your housing needs. Will it fit your furniture and fixtures? These are essential things to consider, especially if you buy pre-construction units.
Amenities
Some of the most common amenities available in condominiums are swimming pools, fitness gyms, playgrounds, and parking spaces, to name a few. If these are present in your target property, these are signs of a well-built condo that can be worth the investment. Of course, more amenities mean higher condo fees, which you must also consider.
Condo Life: Pros and Cons
If you are considering buying a condo unit, it pays to know the benefits and drawbacks of purchasing one.
Pros
- Condos are not high-maintenance homes since you’re only responsible for your unit while the property’s management takes care of everything else.
- Most condo communities employ security staff and require identification and inspection, especially among visitors. Those who work late nights and travel frequently can feel safer living in a condo.
- Many condo communities organize pool parties, playdates, and other social events, which offer a sense of community and camaraderie among neighbors.
- Condos are affordable, considering they have amenities that all residents can avail of.
Cons
- Like other real estate properties, condo units require enough budget for a down payment.
- Homeowners’ association (HOA) rules can be strict. Some condo buildings do not allow pets or renovation projects in individual units.
- A condo unit owner can lack privacy because residents share common areas, including the hallways, patios, and amenities. Noise can also be a major issue among condo dwellers.
- Living the condo life means settling with limited outdoor or green spaces.
- Expect HOA fees to rise over time as maintenance work in the condominium complex increases.
Is condo living suitable for you?
Buying real estate is one of the best investments. Whether you use it as a vacation home, a rental unit, or a home to start your family, a condo can be your best housing choice. You only need to assess your situation, budget, and preference carefully.
You can also rent a condo unit to test whether the “condo life” suits you. Either way, it is best to consider the abovementioned factors before moving into a condo.
Article by Valerie Taylor
