Everyone wants to invest in a property due to the real estate boom. Various factors should be considered before investing in a property. Check www.investopedia.com/articles/investing/110614/most-important-factors-investing-real-estate.asp to learn more. Buying a condo is distinct from acquiring a townhome, there are multiple considerations to be made before you purchase. Condos like apartments offers a lot of amenities and services and is preferred by people who do want less home maintenance.
It is critical for you to know that every condo community is different and each has its own set of rules. So thorough research is needed so that you find a condo which suits your needs.
Price: Look for a condo which suits your budget. Also, you should know that apart from paying for the house you will have to pay additional fees to the condo association for maintenance and other activities. Check the fee for parking as some communities charge extra for it. The price of the unit you purchased depends on the location, amenities and the size of the property. Before you seal the deal ensure you know what services are inclusive of the price, you are paying and then decide if it suits your budget.
Size: Condos which are close to downtown are usually small. Moreover, if you buy a house which is too big and the average in that area is much lesser than your home, then you will find it difficult for resale.
Location: Most people who prefer to buy a condo is because the location is a top priority for them. It should be an area which is fully developed with excellent public transport and proximity to malls, shopping, and restaurants. Other facilities like hospitals and schools are also a big draw.
Features: Look for a condo which has unique features, especially if you want to resell it at a later time. There are many condo units available which have same designs and layouts all built in the same kind of materials offering similar services. You should look for unique features in condos like a patio, garden, kitchen with island and such so that your stand out of the competition when it comes to resale of your unit. Those unique features will act as the USP and will attract potential buyers.
Review rules: Most condo associations have a set of rules and regulations that everyone has to follow. It is critical that you know and are clear what those rules are. Unlike in a single-family room where it’s your house and your rules when you stay in that community. Ex: A few associations do not allow pets, if you own one then it is imperative to know to decide whether to pursue this property or not. It is advisable to ask your attorney to look at the rules and explain it to you so that you are not in trouble in the future due to this.
Future: It is important to note that the value of a condo does not appreciate as much as other types of homes. If you have intentions of reselling it in a few years, you should not expect a high profit.