1. Focus On the Location
Location is everything, and one of the major perks of condo living is that many condominium buildings are located in prime locations in the center of major cities. That's why choosing a condo in a great location is important. You'll want to be in a neighborhood you like that provides great amenities so that you can enjoy a wonderful lifestyle. And remember, your location determines your work life too. Living somewhere that offers a short commute will mean you have more free time to relax and enjoy your neighborhood.
2. Consider the Condo's Demographics
Before buying a condo it can be a good idea to consider who your neighbors will be. After all, condo living is more akin to apartment living as you'll be sharing walls with the neighbors so you won't have as much privacy as you would with a single-family home. While you cannot exactly look up the demographics of a building, spend some time looking for and reading reviews from owners in the condominium. If, for example, you find out that most owners are investors who Airbnb their condos, you might want to reconsider buying a condo in the building as could mean there will always be a lot of commotion with folks coming and going, much like in a hotel.
Another great way to get a feel for the building is to spend some time in the lobby. You can try to speak with any doorman or building staff or even strike up a conversation with current residents. Don't hesitate to ask them how they like living in the building.
3. Keep Your Budget in Mind
The other thing you need to keep in mind is, of course, the money. A lot of condos have a plethora of hidden costs that you might need to bear and it's important to be aware of them. That's why you should always check out closing cost calculators and mortgage calculators in order to assess what you might have to deal with in terms of additional costs to the purchase price.
The other to keep in mind here is insurance. Since your condo is not going to be cheap, it is smart to cover your investment with condo insurance. But don’t worry, there are literally dozens of options available on the market today. For instance, you can quickly check how much Lemonade condo insurance costs and get a quote. You can also compare multiple quotes to find the coverage that best meets your needs.
As long as you are obtaining insurance, you are making a wise move. In this day and age of fragile, transient moments, you never know how it might come in handy. Besides, with small installments, it is not going to touch your pocket, let alone bear a hole.
4. Work With The Pros
Buying a condo can be trickier than buying a single-family home. You might have to navigate through a condo board application, and a more grueling mortgage loan process. That's why you'll want to have expert help to ensure the process goes smoothly. It's highly recommended that you work with a real estate agent that has experience with condos as well as with an experienced attorney. The worst thing you can do is rush into a deal only to be left with unwanted surprises like soaring condo fees or assessments. A good agent and attorney can help avoid this by being familiar with the building and looking into the condominium's financials.
Obviously, deciding on the right condo is a major decision that shouldn't be taken lightly. That's why it's important to take your time, do your research, have a great team helping you, and protect your investment. So follow the tips on our condo buying checklist to ensure you'll sleep like a baby in your new home.