It’s not unusual for people who just want to dive into homeownership to consider buying a condo before their first home. Not only is it generally cheaper than buying a home, there’s a lot less to worry about when it comes to construction quality, neighborhood considerations, and property maintenance. You usually get the same appreciation benefits and can even start renting it out to others on a long-term or vacation-style basis. However, before you go shopping, pay attention to these considerations.
know the limitations
Just as there are benefits to buying a condo, it’s not exactly like buying a house. There are limitations, just as there are advantages. Knowing the limitations in advance will prevent you from making a mistake. One of the biggest limitations comes with what you will actually be able to do with the property. As long as you comply with zoning and building laws, you can do just about anything you want with your home. Do you want to paint that back bedroom purple? It’s your call. The same is not true in a condominium, where restrictions on modifications often resemble apartments.
look at the service
If you were to buy a home, it would be up to you to do the landscaping and maintenance yourself or hire someone to do it for you. Buying a condo means you don’t have to worry about this type of work. The resort management company will be in charge, so you need to make sure they are on the job. Much of this can be obtained by simply taking a look at the property. Take into account the condition of the lawn, common facilities, etc. If everything looks good, turn your attention inside. Ask some people who live there what they think about the maintenance team. Does anyone get out immediately when something breaks? This is a small matter that suddenly becomes very important if you run into a problem.
Know what you are paying
The mortgage you take out to buy a condo may not cover everything you’re expected to pay to live there. The property management company may also require tenants to pay them monthly or yearly HOA fees. This can be an unpleasant surprise if you are already stretching your budget to pay for the house. Before you sign a mortgage, make sure you know exactly how much money you’ll need to put together each month to live there.