Buying a condo can be an exciting endeavour. Most of the people looking at these home types are usually first time buyers. The appeal lies in the fact that condos do not require much investment since it is relatively cheaper compared to a townhouse or a detached home. Not only that, it does not require too much time in its upkeep. Of course, that convenience means additional costs paid to the HOA (Homeowners Association). However, it is a small price to pay to have your lawn, common areas and other amenities taken cared of for you.
Regardless of the type of home that you plan to buy, you need to consider carefully if it is exactly what you need. Buying a condo, despite being one of the cheapest home types that you can buy, is still very costly. You need to think this through and make sure that you are being rational in all your decisions.
Given that, we are here to let you in on a few pitfalls that you should avoid as you search for your dream condo unit.
Pitfall 1: Be careful of the hype.
Condominiums are usually backed by big time real estate developers. They have invested huge amounts of money on the condo that you are looking into so they want to maximize sales of the homes. Because of their ROI intentions, you can expect that they will spend millions on their marketing and promotional campaigns. When buying a condo, you have to look into the things that you really need in a home and base your decision on that.
Pitfall 2: Buying without a plan.
Buying any type of home is a form of investment. Like any investment, you need to have a plan. Will you live in this home? Or do you plan to have it rented? If you are about to start a family, you may want to look at a home that can accommodate your future children. Do you want to sell your home in 5 years? Even real estate investment vary with every transaction so come up with specific plans before buying a condo.
Pitfall 3: Not considering HOA fees.
Condo unit owners are sometimes unable to factor in the HOA fees in a condo. As mentioned, the convenience of living in a condo comes with a price. You need to calculate how much you are expected to pay for month on month. This amount should be computed on top of your monthly amortization to make sure that you will not fall short after you move in.
First time home buyers should look for a couple of things before buying a condo. One of them is the developer behind the condo project. You need to make sure that they are reliable and experienced in the industry. You also have to check out the logistics to ensure that it will be the type of home that you want to live into. If you are looking for a quiet and intimate community, that can be seen in the design and layout of the whole project.
If you want to know more about buying a condo, get in touch with the Guldi Group. We can assist by showing you some of the best condominium projects in the area of your choice.
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