If owning your own home isn’t on your agenda and you would rather purchase a condo or townhome to make things a bit easier on yourself, you are not alone. There are several things however that you should consider and think about before purchasing a condo and a few of those things are listed below.
- One thing to consider when purchasing a condo is who the manager is. If you have a manager that is easy to deal with then you shouldn’t have any issues, but if you have a manager that doesn’t see eye to eye with you on things you may find yourself wishing you never would have purchased a condo.
- There are fees associated with owning a condo. You should definitely check into the fees associated with your particular condo before purchasing it. These fees can range anywhere from $200 to $400 per month or year depending on how upscale the condo is you want to purchase.
- Looking at the condo financial statements is a great way to see if you really want to purchase a condo or not. For example if the condos financial statements do not include paying for repairs on a broken street light, you may end up seeing the repair costs tagged on to your bill. Taking these types of things into consideration could sway your decision one way or the other regarding purchasing. If you find that repairs on such things are not included in a particular condos financial statements you may want to search for a condo that does cover them.
- Knowing the rules of condo living can make or break your decision of purchasing as well. Some condos don’t allow holiday decorations while others just tell you where to park. It’s up to you to decide what is most important to you and what rules simply do not matter that much, however knowing the rules is imperative.
- Checking out the condos liability insurance to make sure there are no pending lawsuits against it is also a good idea.
These things to consider before purchasing a condo are just the tip of the ice berg. Do your due diligence, ask questions and find out all there is to know about condo living before sinking your money into one you are not happy with. If you do all of this and you are satisfied, you will likely enjoy condo living and all it has to offer.