Buying a condo is an investment for both future homeowners and investors. Having a condo affords you the ability to have your own place, minus the costly upkeep that comes attached with owning a home. It’s a great feeling being able to walk around large, lovely ground without having to worry about who is going to cut the grass. Even better is the fact that you don’t have to worry about who will fix leaky pipes or other miscellaneous that come with any home purchase. Furthermore, for those who decide to condos in tourism hot spots, having a condo places you at the center of all the action. Should you decide to sell later on down the road, your prime location will garner you a higher selling price.
Purchasing a condo is an investment for the future. While most owners choose them for their ‘ease of living’ appeal (particularly those baby boomers who are coming towards retirement age or the newlywed couple), condominiums are also a way to generate income through the means of rental property.
The amenities that you can expect in a condominium complex will largely depend on the type of service that is being offered upon purchasing. Before you buy, check the full service list. The following are a few things that you should not overlook when making your decision:
• Does your condo come attached with strings such as a limit on the amount of maintenance calls you can make yearly?
• Are there any routine maintenance checks that are hidden in your contract?
• Can you make any changes to your condo without having to have HOA approval?
• Are there any rules that may make it hard for you to abide by? For instance, are outdoor grills prohibited? Is there a certain color your front door must remain? Is there a certain ‘quiet period’ that all condo owners must abide by?
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What about amenities? Does your condo come attached with Wi-Fi access, a gym, or swimming pool?
These are all important factors weight when deciding on a condo community. Be sure that you have all of your questions answered and clearly spelled out before signing your name to the deed. If there are any changes that need to be made, have an appendix drawn up which will list those terms to be signed into the contract.
Nowadays condos have proven to be more affordable than the average median price for a home.
However, while you may save overall on your monthly mortgage, understand that in some cases this savings may be eaten up by Home Owners Association (HOA) dues. Ensure that you are clear upfront about HOA costs before purchasing.
In the end, if you’re looking for life without the upkeep, purchasing a condo is the way to go.
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