When Ben, one of my best pals planned to settle down with his sweetheart, he couldn’t afford a house. H is new job hardly allowed him to purchase a sprawling house equipped with the latest facilities. He finally chose to purchase a condo and guess what; he was wise enough to make some good research into it before making the investment. If your idea of a complete house in US does not include mowing a lawn, buy a condo. Yes, you heard it right a “condo”.
Well, Condo, is a common term in real estate specially in US, Canada and Australia. If you’ve decided to buy a condo, take the plunge and go for it. For a first time home buyer and someone who cannot afford a single family home, condos are by far the best options in the real estate scenario.. Here are five things you should keep in mind before you opt for one:
Ø Select the area you want to stay: The first part in the investment scheme is to select the area you want to stay. For this you must make a good market analysis of the area, study the price range and the fluctuations at present and check if the condo was held by any previous buyer.
Ø Make a wise choice: Condos come with loads of facilities like swimming pools, sauna etc. These are further included in the cost and monthly association fees of the condo. So, make a wise deal. If you are not interested in swimming you will be paying some extra bucks on a regular basis.
Ø Look before you Leap: Before you buy, make rounds through several other condos to get an idea about the availabilities as well as the costs. A good option is to talk to the residents living in a condo and ask them about the facilities they receive, the maintenance required, the storage, security, parking and other amenities. Check whether it’s professionally managed or it is the owner who manages.
Ø A lawyer is the best friend: Rope in a lawyer for the task, and ask him to go through the association laws. Above all, you can also get a summary of the association’s policy and check the certificate of insurance. You can even ask the tenants about their experiences.
Before you finalize the deal, check in all the requisite details and make a move. All the best!
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