Select a Condo
If you want to enter the real estate market, find yourself with an empty nest or are a single homebuyer, a condo may be for you.
A condo can be a good purchase under the right circumstances and when a home buyer does plenty of homework.
Here’s a guide to what you need to know before selecting a condo.
Like any other real estate purchase, you’ll need to live in a condominium for a couple years to recoup closing costs and make the most of homeowner tax breaks. Think about the area you want to live in, amenities you’d like and what you can afford. And keep in mind that many condo complexes offer access to pools, tennis courts and exercise rooms.
Visit a variety of condo communities in the area you choose. Get a sense of the neighborhood and prices in that area. Ask residents how often repair and maintenance are required. Check the parking, storage and security situation. Then team with a real estate agent to get a market analysis on recent prices of condos in the area. Check the price appreciation on the analysis to determine the likelihood of selling your condo for a profit.
First-time condo buyers need to be aware of all the costs involved in owning property, including a down payment, mortgage and property taxes.
Monthly HOA fees are paid by each resident to maintain the condo complex; pay the landscaper and handyman; and provide the use of such facilities as a pool or gym.
If you’re ready to jump into the housing market or if you’re looking for a low-maintenance property, buying a condo could be just what you’re looking for.