Buying a Condo, or any house for that matter is one of the largest amounts of investments and biggest decisions you will ever make. If you are familiar with the real estate market, you may have an understanding of what you are looking for in your new place, but in the most case, condo and housing options are certainly plentiful and diverse, finally making your decision that much more challenging.
We have discussed a list of 10 things you have to know before buying a house, by which you will get a clear concept about Condos and what items on your wish list are truly important.
- Your Preferred Location of Condo
Considering work and all others places you visit regularly. Condo living is all about convenience and lifestyle, so think again about where you are going to spend most of your time.
- Knowledge about Your Demographic
It is most important to know what type or class of people are living in the building. What type of lifestyle are you actually looking for? So, fixed up your choice and standard of living.
- Reputation of your Building
Obviously, buildings have reputations! Ask your house agent to give you a clear idea of the building’s desirability in the market. Another question to ask: how long does this house take for units to sell in the building you are considering vs. the others in your area?
- Lifestyle amenities of your condo
Lifestyle amenities and fabulous building that make your time at home as convenient and relaxing as possible. Ask your agent that is your building residents enjoy things like health clubs, indoor pools, 24-hour door service and others.
- Car Parking
For a new condo, parking must be available. If your building or condo doesn’t offer parking, don’t immediately get discouraged. Many times, a building block will have open space and keep available for parking for a moderate monthly rate, so please do some investigative before giving up on a place.
- Owner-occupied vs. Investor-owned?
The recent housing crisis was negatively affecting nearly every housing market. An Owner-occupied building is much better than an Investor-owned building. A condo with a high rental-to-owner-occupied ratio can sometimes impact on the value of your condo, there is nothing to mention make it more difficult to secure financing.
- Try to think like a business person
It is important for buyers to think of purchasing a house as signing a business agreement with all others whom own in the project they are buying into. Alike with any other venture, learn how the place is managed and inquired about its financial stability.
- Check on the schools
Even if you do not have any children, still you have to buy a home in a good school district. It is an important to make sure that your home maintains its value. You can find many information on each school district website.
- Visit your upcoming home at different times of day
If you actually want to know how it will be like to live somewhere, try to visit on a weekday, a weekend and a weeknight to see how quiet or active the area will be.
- Ask about homeowner association dues, taxes, utility bills and homeowners insurance
It is common that your monthly condo payment includes more than just the principal cost or interest on your loan. You have to make sure that the taxes, homeowner association dues, insurance and utility bills will fit into your budget.