Purchasing a condominium comes with some advantages such as normally residing closer to main areas of the city, better value for the price than owning a home, and fewer problems about maintaining the exterior of the property.
Distinctions of Owning a Condo and a Home
Owning a condo is somewhere in the middle of owning a home and renting an apartment. you have neighboring tenants with shared walls or floors but you actually own the unit.
Then again, as a condo owner, you have to rely on the condo association and other owners to deal with common area issues like the roof, stairwells, elevators, parking garage, and any shared facilities.
A strong condo association is what you’ll want to have, or your experience may not be favorable. The following are items that you should research with your realtor before writing a purchase offer:• How much are the condo fees and what specifically do the include?
• Is the community professionally managed or do the owners manage?
• Are there any planned special assessments and if so how much?
• What are the financial reserves and is it adequate?
• Are there any owners late on their HOA dues and if yes how many?
• How many units are currently owner occupied and how many are rented?
• What are the restrictions on renting condos?
• Are there any pending legal actions against the complex?
• What is the parking policy? Do I own my space? Is there guest parking?
Research The Condo Association
Among the best advice for buying a condo is knowing the financial soundness of the community. The association is responsible for keeping everything working in your community as well as rules and regulations for the owners to obey.
Learn Who Your Neighbors Are
Everyone has different needs with regards to a relaxed and wonderful home. If you are a hard working professional, living next door to a condo with first and second year college students is probably a deal breaker.
If you are in your retirement years, perhaps living next to those close to you age group is preferable than one with a high-school student who practices music at home. It is better to be safe than sorry later on so you have to do your proper research.
Consider the Neighborhood
While you may have fallen in love with the condo’s gorgeous exterior architecture, a spectacular kitchen, or the way the floor plan is so well set up. You cannot forget the significance of the surrounding neighborhood.
The kind of questions you should be considering include:
• How far is the community from the 5, 405 freeways and 73 Toll Road?
• What major conveniences are nearby that I need?
• Is there a lot of crime in the area?
• Will noise from the street, train, or anything else be a factor?
• How are the local schools for possible resale later on?
Property Upkeep
Discuss how maintenance is handled with the association, because you don’t want to spend the next few years (or more) frustrated by the lack of maintenance.
Exterior
Another gray area can include roofs and windows. These are obviously costly repair items that you will want to know who is responsible for, especially if they are nearing their life expectancy.
Get a 2 or 3-bedroom For Best Resale Value
Although you may only need a studio or one-bedroom, two and thee-bedrooms are much easier to sell and fetch better resale values. In addition, you may be able to rent the extra bedroom subject to the HOA’s rental policies for owners.
Is The Condo Complex FHA Approved?
Learning whether the condo complex you are interested in purchasing is FHA approved is very important. The reason why is because FHA loans let a qualified borrower only have to bring in a 3.5% down payment. This is a great popular program for first-time home buyers who don’t have more funds available.
Storage Space is Important
Storage is a typical concern for condo owners. Figure out what your storage needs are so it will not be an issue after you buy a condo. Some condominiums may come with your individual garages, shared garage or offer storage areas for each unit.
Views
Whenever possible, a good condo purchase is one that has a respectable view. More people tend to like having a view which also makes it much easier to sell a condo. It is advisable to stay away from condo with views of garbage area.