If you've decided to become a homeowner and think that purchasing a condominium unit in a new residential development seems like a good idea, you may be eager to start your search for the right unit. However, if you aren't used to home ownership or owning a condo, you've got to think about these buying tips to ensure the situation works out well for you.
Pay Attention to the Location of Any Unit
You may be focused on the interior of the specific unit you're looking at, but it's vital that you also pay attention to the immediate environment to determine whether you want to be in that location inside the development. For example, you might want to stay away from units that overlook the development's trash dumpsters. You may wish to choose a unit that is not located right across from the floor's elevator, which could be the site of a lot of traffic throughout the day.
Think Twice About Size
Purchasing a studio may be an idea you have to save money, but you may want to think about whether it's more prudent to buy a unit that is bigger than you require, if you can afford it. Much of the time larger units are easier to resell. However, if you want to test this, ask a real estate agent to look up sales of various comparable condo units. They can tell you what type of units have better chances of reselling quickly in your area.
Find Out any Homeowner's Association Rules
Many condo units are governed by homeowner's associations, also referred to as HOAs. All HOAs will have rules that you must adhere to as a resident. There may be rules about how many guests you can have at a time, whether you can rent out our parking space or not, and other issues that may arise during your time there. It's wise to seek out any HOA rules to determine whether they are acceptable with you before you purchase a unit.
Be Aware of Extra Fees
As part of your role as a condo owner, you are likely to be responsible for some fees that go above and beyond your own mortgage payment. For instance, you may have to pay grounds maintenance and repair fees in addition to your mortgage and homeowner's association fees.
Keeping these tips in your mind as you go through the process of purchasing a new condo will give you the guidance you need to find a suitable home. Getting the help of a local real estate agent who has knowledge of new residential developments is also a good idea for finding the perfect condo.