In most cases, purchasing property worksout better in the long run than renting. However, not everyone wants to purchase a single family and deal with maintaining it. If you're interested in purchasing property but you don't want a house, you may want to consider buying a condo. Most cities and metropolitan areas have multiple condo complexes; condos can vary from modest to luxurious and are available at many different price points, so you are sure to find one that suits your needs. Use the following tips to help you purchase your first condo.
Work with an Experienced Real Estate Agent
Purchasing a condo can differ from buying a single family home in a number of ways. Thus, it is important to work with an experienced real estate agent who can guide you through the process. Ideally, you should look for a real estate agent who specializes in helping buyers and sellers with condo transactions. If you are not able to find a real estate agent who specializes in condos, at least make sure that the agent who you work with has experience with condos and has completed several condo transactions in the past year. When you work with a real estate agent who is experienced in condos, he or she will also most likely be very familiar with the condo complexes in your area.
Understand the Condo Association Fees
Almost all condo complexes require residents to pay condo association fees. These fees are somewhat similar to homeowner association fees, but they usually cover more. When you pay condo association fees, they are typically used to maintain the landscaping and common areas, as well as any amenities that the complex may offer. In addition, condo association fees are also used to maintain and make repairs to the exterior of the buildings, including the roofs. When buying a condo, always make sure that you ask what the monthly condo association fee is and what it covers. This is essential so you know that you can comfortably afford your mortgage payment as well as the condo fees.
Determine What Amenities You Want
One of the great things about living in a condo is the fact that most condo complexes have a variety of amenities for residents to enjoy. Some amenities available at condo complexes include swimming pools and hot tubs, fitness centers, parks, a clubhouse, and tennis courts. Before you begin looking at condos, take the time to determine what amenities are important to you. Let you real estate agent know what you want so he or she can find available condos for sale at complexes that fit your needs.