Condominiums are attractive options for many city dwellers, offering the ownership rights over your space while still giving you many of the conveniences associated with apartment life. But buying your first condo can be a little bit nerve-wracking.
Here are some suggestions that may make it easier:
1. Decide if a condo is really what you want
If you plan to move again in the near future due to your career, you may not want to be tied down to a condo. An apartment could be better. Other people find that they don't enjoy being so close to their neighbors, so a single-family home is better.
2. Understand the condo association's rules
Most condos come with a contract that requires you to uphold certain community standards. That can restrict everything from the color you paint your front door to what time you're allowed to play your music. Make sure that you read through the rules carefully (before you sign a deal) and can live within them.
3. Get your financing in order before you look
Depending on where you live, it may be harder to get regular financing for a condo. Make sure that you're working with a bank or lender that is willing to go that route before you start looking.
4. Take a look at fees you're paying and the amenities you're getting
Condos usually come with fees. Those fees are supposed to cover certain amenities, whether that's a community pool, laundry room, gym or something else. Make sure that you know what your monthly fees will be (and that you can afford them). Also, spend some time evaluating whether or not you're getting your money's worth in return.
Working with an experienced attorney can help you make your condominium purchase easier -- and protect you from a serious mistake. Find out more today.