Top Tips for Condo Living

So many options are available to people when deciding what kind of place to make your home.  You can purchase your home, an apartment, a townhouse, or a condominium.

Condos are a popular choice for people for a variety of different reasons.  The purchase of a condo can lead to a maintenance-free lifestyle with perks such as a swimming pool, fitness center, and tennis courts.  Along with that, however, comes additional condo fees, and you share your property with the owner of the other unit.

You must do your research on the condo that you are interested in.  Condo communities are very different from one another. They have rules and association fees that vary from community to community.

Let’s look at what to consider when buying a condo.

Trust Your Gut

Putting aside the financial aspect, the first thing you need to do is feel comfortable with your condo decision. You will want to check out the condo community first and understand what life would be like in that particular community.

You need to be able to envision yourself living there and potentially growing a family. You will live in close proximity to your neighbors, so you will have to consider whether you are content with not having as much privacy as you may like.

If you enjoy taking care of the yard, a condo may not be the right place for you. Most condo communities take care of mowing your lawn and shoveling your driveway during a snowstorm. But this may also be the perfect opportunity to take those extra responsibilities off your “things to do” list.

Understand What the Condo has to Offer

When deciding to purchase a condo, you will want to consider what comes with living there.  For example, what is the parking situation? Living near so many people could pose some space issues. Where should guests park their cars when they come for a visit?

This is a potential major issue that many people seem to overlook when purchasing their condo.  These questions must be addressed before signing any papers so you don’t get stuck unexpectedly parking down the road.

Understand the Fees

Everybody loves additional fees, right? Many times, we are paying money for things we didn’t even know we were paying for in the first place. In most condo communities, there is typically a fee associated with living there. This could be a monthly, quarterly, or annual fee. The bulk of these fees are used to pay for insurance and maintenance.

Throughout your negotiations, you will want to understand their finances as much as possible.  Make sure that more significant projects are covered in their fees so that you don’t get stuck paying for something they don’t cover.  And, you need to ensure you canafford the fees financially. Most communities will allow you to roll the costs into your monthly payments, but you may see that you can afford the condo, not the fees!

While you are dishing out the extra money, find out what you are getting in return for those fees. As mentioned above, you could be paying for some of the fun amenities, such as a pool, tennis court, etc., as well as lawn care and snow removal. But does this include your water and sewer? What about trash pickup? If you are lucky, it may also include heating and electricity. Be upfront with them about wanting to ultimately understand where the money is going.

Rules and Regulations

Along with the association fees, there are community rules that you will need to follow and understand.  This could be a significant deal breaker, depending on the state of the regulations listed. Know these rules before you make the purchase.

If you are a pet person, this would be something you would need to look into.  You might find restrictions on the type of pet you can have, or you may find out no pets are allowed.

How about dealing with a loud, obnoxious neighbor?  What are the rules for noise? What is the protocol for dealing with a difficult neighbor?  Ideally, you hope to become good friends with the neighbors, but we all know it’s usually not easy.

Financing

Obtaining financing for a condo can be a lot trickier than people think.  You will want to get pre-approved before looking into any condos. Many lenders will not finance condos, so you must do some digging to find something that works for you.  Many condos require a hefty down payment if you want a private mortgage. Going in that direction can be a bit costly.

You will want to have an idea of how much you are willing to spend on purchasing your condo and really determine if it is your best financial option. Living in a condo has many perks, but obtaining one can take some time. Finding the right financial loan program could help speed up the process.

The Right Fit

When reviewing everything above, you will know if you are the right fit for this kind of lifestyle. In addition to understanding the above, you need to understand seven questions you need to ask before buying a condo. You will see that a lot of what we discussed in this blog is included there, as well as some additional advice that you can take to the negotiating table.

Condos provide a unique living opportunity you may not get from living in a house.  You will have the chance to be a part of a community and potentially meet new people who could become friends forever.  Just be sure to weigh the pros and cons depending on your situation. And ultimately, you could end up in your dream condo!