So, you’re thinking of moving, and you’re looking for a property that isn’t too big, neither too small, but just big enough for you, or perhaps another person, then a condo is just for you.
There are many things to consider when buying any property, but especially more so when buying a condo. Don’t think because it’s smaller than the average house, that it doesn’t require a lot of thinking, planning, upkeep or a range of other factors you must consider.
The first thing you must be wary of is people. How well do you get along with any person, as well as your tolerance for a lot less privacy, then you would have if you were moving into a house?
When it comes to living in a condominium, you live quite close to your neighbours, which is something you need to be completely fine with if you do choose to buy a condo.
Is a Condo the Right Property Investment for You?
That is one tough question. Since condos are generally less expensive than houses, you might think so, and this is especially true for those who are either nearing retirement or live alone after college or somewhere in their 20’s. There is thus an interesting mixture of people with a massive age-gap in between that might cause some confliction.
Consider the following before buying a condo;
Questions to Ask Yourself
- Are your finances in check?
Can you afford to purchase a condo and maintain the costs of a condo? The number one thing people forget when buying a condo is, you’re not done paying for it. There are monthly fees, as well as maintenance costs involved that need to be met on a regular basis as it will cover the upkeep thereof for short-term use, as well as long-term use. When buying a condo, try looking for one that has been built within the past decade, to avoid having to pay too much maintenance costs for something someone else used for the past 30 years.
- Is the Condo Soundproof?
Although it’s always nice to befriend your neighbours, the last thing you want is someone’s TV-sound to reach the inside of your home at 11 p.m. You might think considering your new potential home being soundproof to be completely stupid, but it will surely allow for a far better living situation for yourself. Plus, you’ll also be able to like them better without the added noise.
- Is the Condo Resaleable?
Unless you’re a senior, you’re probably not going to want to live in the condo forever. That is why you must consider whether the condo you purchase will be an excellent investment to resell in the future. Be sure to take note of condo association charges and whether it’s up to standard compared to similar properties.
- Is the Management Up to Standard?
If you’re buying a condo, what you should look for is management that is experienced and knows what they’re doing. If they’re too absent from the property and the maintenance thereof seems out of place, move along.