Ultimate Reasons Why People Live in Condo
Owning a condo is a benefit itself. But there are also other advantages if you are renting one. For instance, you live near your workplace so you don’t have to commute and endure long hours of traffic. However, it’s important to understand that this is a crucial financial and social commitment. Living in a condo looks pretty appealing for sure. But can you handle buying a condo just to achieve your dream home goals
Things to Consider in Getting a Condo
If you’re currently looking for a condo, there are some important things to consider other than the mortgage. For sure, using a mortgage calculator will help you shop around. But condo association fees are also an essential thing to consider. Monthly owner fees will surely drain your pocket so be ready for that. The association fees will cover insurance and general upkeep of the condominium complex.
However, there are advantages of paying these association fees. For example, if the parking garage of your complex breaks, it will be immediately fixed using the fees collected. It also covers insurance of your condo for major issues that may affect the entire complex. So the money you pay for these fees every month are not really a waste of wealth. In fact, the fees and expenses are allotted to the bylaws of your condo.
Here are some of the most helpful tips you can use before deciding to buy and live in a condo:
ü Whether you are in buying mode or just want to rent, condo is truly an expensive commitment to make nowadays. Thus, it’s important to consider the social aspects of condo living. Make sure that you understand the ideal complex that matches your lifestyle. If you’re a baby boomer, buy a unit that is not next to hard-partying millennials.
ü Do not rush the buying process. Shop around. You can knock on some doors to present yourself as an ideal buyer. Then make a survey among your future neighbor about important things that real estate agents don’t usually discuss with buyers.
ü Before signing any paper, it’s essential that you understand and agree to the bylaws of your condo unit. These bylaws are also known as Covenants, Conditions, and Restrictions. They are legally binding written document which you will need in the future, particularly before buying the condo. Information about parking, pets, fees, and other policies are provided in this document.
ü As a buyer, it’s better to focus on the subleasing, operating budget, and remodeling limitations of the complex. But if you are not sure about any of the given details, it’s always good to consult a lawyer or a real estate professional.
ü What if you are not okay with some aspects in the bylaws? You can simply attend the homeowner’s meeting to voice out your concerns. During meetings, the authorities in your complex will be showing up to address homeowners’ issues. That’s the best time you can resolve your issues together with others who might experience the same.
Benefits of Condo Living
Just like any product or service, living in a condo has its own benefits too. So if you are currently looking to make a move, it’s important that you know about these advantages. It will surely make the process much easier for you while enjoying the kind of condo living that you truly deserve. Here are the ultimate benefits you can enjoy with a condo living:
· Security. Condominiums offer locked or gated entries, security professionals, and doormen for residents. This is a great advantage, especially when you’re living alone in your condo. Also, staying in a complex where there are more people provides better security during emergencies.
· Maintenance. If you live in condo, there will be someone to maintain the unit for you. For instance, the governing body will send a maintenance personnel to fix your roof, clean the grounds, or even cut the grasses. Specialized workers will make sure that you can immediately get help whenever you have some issues in your unit. This is a great advantage for those who are first-time homeowners and are busy with their jobs.
· Amenities. Most of the condominiums today offer fitness centers, swimming pools, community clubhouse, and even sports areas like basketball court. In fact, one of the objectives of condos is to provide a healthy community for the residents and develop a harmonious neighborhood throughout the complex.
· Affordability. Although getting a condo is somewhat pricey, it is still more affordable than buying a single-family home. So if you want to join in the home ownership bandwagon, living in a condo is a good first step.
What to Expect from the Condominium Market Today
To tell the truth, you will meet various types of individuals in the condominium market. There will be easy and hard persons at condo open houses. And it might be a difficult experience for first-time buyers. But if you know how to deal with them, the whole buying process will be smooth and simple. The most important thing to do is to never forget to look into the certain type of condo you need such as freestanding house, duplex, townhouse, low-rise building, triplex, and mixed use building like store fronts and offices.
Whether you are finding re-sell, conversion, or brand new condo unit, always remember to be keen in details. Some condos provide benefits which you might not notice in a standard home, apartment building, or other type of units. Ask if the building or complex is well maintained and how they keep it organized. Some would even dare to ask if it offer healthy reserve fund. That’s just how it is when investing huge money in a condo.
Sure as shooting, living in a condo is no easy undertaking. To help you make an informed decision, be sure to weigh in the advantages and disadvantages. Condos are an ideal place for anyone to live. Don’t let the issues in pricing get in the way of achieving your dream condo unit in the area.