Purchasing a condo is a bit different from buying a single-family home. Thus, there are different considerations you have to take into account before buying. Buying a condo comes at a lower price as compared to buying a single-family property. This is because a condo is a shared property that has individual owners. A good example is Leedon Residence. Also, some services such as fitness centers, pools, and tennis courts are provided.
A lot of people buy condos because of their lifestyle and less maintenance. Before you buy, you should note that each condo is quite different. You should note that each community has its association fees, community rules, amenities, and a management company. The following are tips to help you choose the right one.
Find the Right Fit
You need to ask yourself why you are purchasing a condo. In any case, it has its pros and cons. The main difference between a single family residence and a condo is the proximity to the neighbors. You will have a lot of neighbors attached to your condo. Are you ready to live with neighbors? Also, you have to look at the maintenance aspect. If you love planting flowers and cutting the grass, then you should go for a single family home rather than a condo. Usually, condo communities include fees for snow removal, lawn maintenance, and landscaping.
Find an Experienced Real Estate Agent
The purchase agreement for a condo is quite different from other real estate properties. One aspect of buying a condo is that you have to sign a contract with the community and another with the seller. The community contract is about association regulations and rules. Thus, it is a good idea to hire a real estate agent who has adequate experience selling condos. He or she can guide you through the process and ensure some things are not overlooked.
Obtaining Financing
Before buying a condo you should ensure you get pre-approved before looking at the condos and determining whether it is the best fit. Obtaining financing may be tricky as most loan products, and lenders do not allow condo buying. Usually, condos are bought with cash because of the programs and regulations of lenders. If you are planning to get a loan, ensure the condo community is already approved.
Amenities
You should know what the condo includes. Check whether it has reserved parking or extra storage. Does it provide extra parking space for your guests?
