When you have finally decided to settle down, you may wonder which is the best home to buy. Going for a condo is one of the best options to settle for. You can own the property and also get to enjoy shared community facilities e.g. swimming pools, restaurants among others. Many people would not afford to put up some of these facilities by themselves. The following are some of the tips to consider when planning to buy a condominium;
Tips to consider when buying a condo
Cost of the condo
Despite the fact that settling for a condo would mean owning property, it also comes with a financial commitment. This involves both the mortgage and monthly association fees like service charges. Depending on what these charges will cost you every month together with the mortgage, you can rate yourself and make a decision if you will manage these costs without much strain.
Community social setting
Since you are to live within a community and share some of the common areas, knowing the kind of neighbors you will have is a good start. You could introduce yourself as a prospective buyer and get to know their experiences living in the environs. Different settings work for different kinds of people. You would not want to live with youngsters who naturally like partying when you are settling after retirement.
Terms of agreement
When entering into a contract with the owner of the property, there are some regulations to be adhered to for the common good of everyone living in the multi-unit development. These can include information on pet keeping, parking areas and regulated access of visitors among others. Others like restrictions on unit remodeling or sub-leasing can be clearly stated. With this information, you can make up your mind if the agreement is prudent.
Address your concerns
Most condo managements allow their tenants to express their concerns during regular meetings held with them. When you have settled for a condo to buy, you can raise some of the issues arising e.g. on the bylaws to be followed or state of the unit that may concern you.
Another reason why many people are going for condos is the availability of shared facilities. Find out the facilities provided by the multi-unit development and how sufficient it is. An example is checking the number of lifts available per floor. These can indicate the value of life you will lead at a particular condo.