How to Choose the Right Condominium for You

Condominiums are a great entryway into home ownership. They usually have good locations and facilities, which can be very convenient for people on the go, like working professionals, students, and even smaller families.

In addition, living in a condominium can eliminate the hassle of yard work, snow shoveling, and some major home repairs. Building hallways and community spaces are usually taken care of by the building’s maintenance team, as owners pay for association fees.

 

7 Tips for Choosing the Right Condominium Unit for You

For some, having your own space is a luxury, so they prefer to rent a condominium unit as it’s often a more affordable option than renting or purchasing a house. If you are okay with sharing walls, ceilings, and floors with a neighbor, you can start looking for a unit for you. Each condo unit has its own merits and demerits, and the best condo for you will be the one that will fit your needs the most. Thankfully, condominium units come in different designs and sizes. Here are a few tips on how you can choose the right condo for you:

 

1. Set your budget.

Just like any other huge purchase, your budget is one of the first things you have to consider when buying a real estate property, regardless if you’re aiming to pay in cash or installment. You must be realistic and choose a unit that’s at par with your financial capability.

It’s good to know that condo payments do not stop after the purchase, as you may also have to deal with association dues and maintenance-related expenses. Some impose additional fees, called special assessments, which are utilized for shared expenses like unexpected building repairs or new amenities approved by the management.

Aside from the mortgage, condo unit owners may also have to deal with property taxes and other miscellaneous fees, depending on the community. Thankfully, the U.S. government is aiding citizens seeking to purchase a condo unit, particularly first-time owners. You can also check condo units approved by the Federal Housing Administration for condos that can be bought through FHA loans.

 

2. Consider the location of the condo.

The location of your condo is critical to your lifestyle and career. For instance, if you’re a nature lover or a physically active person, you may opt for a condo that is located near a park, a mountain, or somewhere you can run, train or exercise conveniently.

If you work in an office, it’s also ideal to live in a condo. You also need to find a condo that’s accessible to your workplace. If you own a car, consider a place that has a parking space.

 

3. Ask about security measures.

Security is another vital factor in any home. Therefore, it’s ideal to choose a condo that has security guards, and built-in security cameras in critical areas like hallways, entryways, and shared community spaces. A fire protection system should also be installed in rooms, and fire exits should be conveniently located for access should an emergency arise.

 

4. Check all amenities and neighborhood.

People have different preferences in condo amenities, depending on their life stage. Single professionals usually look to enjoy the gym or pool for fitness and relaxation. Meanwhile, those with family members, especially children, may opt for a condo with a playground and/or other kid-friendly facilities. In terms of neighborhood, parents consider condos that are located near schools, parks, and libraries.

 

5. Consider the level of your unit.

Another thing you should consider is the floor of your condo unit. Lower floors usually offer a view of community events, pedestrians, and pets, while higher floors provide an extensive view of city skylines and green landscapes. Middle floors offer a perfect balance of both. It’s good to note, though, that condo units on higher floors are usually more expensive and exclusive as compared to units on lower floors.

 

6. Read through rules and regulations.

Rules and regulations in condominiums may vary depending on local laws and the condo’s management. These may include construction rules, guest measures, and more. It’s important to be familiar with these or go through them with your lawyer to avoid potential penalties and consequences.

 

7. Seek the help of a real estate professional.

When it comes to property hunting, you can’t go wrong with a real estate professional, whether that’s an agent or a real estate investor like Shorefront Investments. They couldn’t only help you find the property that suits your needs, lifestyle, and budget—many of them also go above and beyond to help you get a unit for the price you want, submit an offer, and even work through the tedious paperwork of property ownership.

You’ll want someone or a team with a proven track record of handling condo sales so you know they are equipped with sufficient knowledge on any concerns you might have, such as reviewing condo association documents. Real estate professionals also usually know developments in your area of choice and can give you an idea of how these developments can affect your condo living experience.

 

The Bottom Line

Condo units make a great investment, whether for personal use, to rent it out, or for asset appreciation. And the good thing is, following the abovementioned tips can make the process of buying a condo unit, from searching for a property to sealing the deal and moving in, easier for you.

On the other hand, if you are looking for a real estate property, Shorefront Investments has a wide range of listings across the U.S., which may also include condominium units. The real estate investor also buys properties in any condition, even without revamps or refurbishments. You just have to fill out a form or call (850) 713-4866 or email info@shorefront-investments.com to get started. A property will reach out to you as soon as possible, will schedule a viewing, and provide a cash offer within 24 hours. They also close deals in as fast as one to two weeks.