Condos or condominium ownership is a type of homeownership where an individual owns a unit within a couple of multiple units. This can either be units in an apartment or family homes that have shared areas which include lobbies, walkways, lawns, halls and common facilities like pools, tennis courts, clubhouses, and playgrounds. The popularity of condos is due to the shared cost of maintenance which makes it cost effective for a condo owner. If you want to buy a condo, below is a buying guide.
Condo Buying
Establish what you need
One needs to determine what it is they are looking for in a condo community. First, what is the budget that you have set aside to purchase the condo? Second, what kind of neighborhood are you looking for and third what facilities are you looking for within the condo community. A single person and someone who has a family will have different needs of what they are looking for in a condo neighborhood. One may want a place that has restaurants to dine out and entertainment places. On the other hand one may want a neighborhood that has schools, hospital facilities, shopping malls, grocery stalls and play area for a child. The facilities that one is looking for in the condo community may range for a playground and pool are if one has children to a clubhouse, fitness center and rooftop gardens if one is single. Your need will help one find the condo that will best fit them.
Look for a real estate agent
It is advisable to hire the services of a real estate agent. A real estate agent is aware of the market, has the proper networks of finding the kind of condo their client may be looking for. They are also able to provide guidance on what is realistic to find. Real estate agents also have the skill of negotiating and closing deals for their clients and will be able to get the best prices for them, within their budget. Lastly, the agents are aware of the legal process that need to be met in the process of purchasing a condo and will adequately guide the client.
Associations policy and fee
Condos are run and managed by associations who ensure that the community lives within certain policies to maintain peace and oversee the maintenance and running of the community. It is essential that one knows and understands the policies that govern the condo community and see if they will adhere to them. Secondly, one needs to know the cost of the association fee and what it entails. This may include security, cleaning and maintenance of common areas, paying for common utilities like shared electricity in the lobbies, halls and walkways and water bills for the lawn. It can also be the maintenance of common facilities like the swimming pools, gym and playground. The association fee will help one determine whether they will purchase the condo or not for one needs to be able to make payment on a regular basis.