Purchasing a residence can be a stressful decision. Whether it is a house, a condo, or another type of dwelling, there are a lot of factors to take into consideration. If you plan on purchasing a condo, there are a few unique factors that you must remember.

A condo is very similar to an apartment, expect that you purchase it instead of rent. Most condos are either part of a community or building. There will be shared common spaces, a maintenance company, and other amenities. The rooms you own are yours, however.

Condos come in all shapes and sizes. They can be very affordable or ultra-luxury. No matter your budget, you should research and consider certain factors when purchasing a condo. In the rest of this article, you will find our top ten tips for buying a condo. Once you’ve read each thoroughly, you will be ready to get out there and find your dream condo.

Top ten tips for buying a condo

Want to purchase a condo, but don’t know where to begin? Follow these ten tips, and you will be well on your way to a great condo purchase.

• Location, location, location.

Whenever you purchase a residence of any type you need to consider the location. The realtors at Northern Virginia Home Pro, who offer condos for sale in Northern VA, state that, “This consideration is actually even more crucial for condo purchases. While you can find condos in most communities, your options will be limited if you look outside of urban centers. One of the major advantages of condo living is its location in cities. Purchasing a condo in New York City, Los Angeles, San Francisco, Boston, or Chicago is one of the only ways most people can live downtown.”

There will be a lot, seemingly infinite, condo choices in these locations. On the other hand, if you want to live in a rural area, there may only be one or two condos around.

• Save more than you think you’ll

Obviously, down payments are important for any home purchase. That stays true for buying a condo. With a condo, you will likely need to cover closing costs, lawyer’s fees (depending on your location), association fees, and much more. The costs can quickly add up, which is why it is so important to have more money in the bank than you expect to use for the down payment.

• Make a list of your wants and needs.

As with any major purchase, you need to know what you have to have and what you can compromise on. Sit down, and make a list of your wants, needs, and must-haves before beginning to look for your next home. The clearer you are about what you’re looking for, the easier the condo-buying process.

• Find a great real estate agent.

Real estate agents are a crucial part of the condo-buying process. Not only can they get you appointments to view your choices, but they are also a wonderful source of information. Pick a reputable real estate agent local to the area you want to buy. They will then be able to better help you decide on condos in the area and should even be able to give you tips about the best locations.

• Look at as many condos as possible.

Unless you have already found your dream condo, you should look at as many as possible. Don’t just go with the first one you see. If you live in an urban area, there will be almost infinite condos. Take your time. The more condos you visit, the clearer your ideas about what you need.

• Ask about the association fees.

Almost all condos have an association. These function like homeowners associations in the suburbs. If you purchase a condo, you must become part of the association. Associations almost always have fees. It is essential that you know how much the fees are upfront, as they will add to your monthly payment.

• Understand the rules and regulations.

In addition to knowing how much membership in the association will cost, you need to be familiar with the rules and regulations. These can range significantly from condo to condo. Knowing the rules before you buy can help you determine if this condo is right for you.

• Know what amenities you receive.

Almost every condo community comes with some amenities. Pools, fitness centers, concierges, and more are all common. The amenities will vary depending on the price and location of the condo. Consider the amenities before you buy them. These are items that should be put on your list of wants and needs. 

• Ask about special assessments.

Special assessments are unique to condos. These are a large fee that covers some repair or works on a project in the community areas of the condo. For example, the entranceways or elevators may be in the process of being updated. All residents are expected to help with the cost of these repairs. Ask if any special assessments are currently going on. You should also know how the community decides to create a special assessment.

• Research everything.

The more information you have, the more of an informed decision you can make. Before you buy a condo, make sure that you have done your research. Be thorough and there will be no surprises on move-in day.

Conclusion

There are many advantages to condo living, which is why this type of residence has greatly increased in popularity in recent years. However, purchasing the right condo can be tricky. Follow the ten tips outlined above, and you won’t have to worry. It may take a little time, but they will aid you in finding the condo of your dreams.