Major Tips for Buying Your First Condo

Buying a condo is not the same as buying a single-family home. As they are very different from single-family homes, the processes in which your purchase one – and the things you have to keep in mind – are quite different. 

In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single-family residence. That is, of course, not the only thing that you want to keep in mind when you are considering purchasing one.

Here are some of the major tips to keep in mind when purchasing your first condo. 

Decide whether a condo is the right fit for you

This is of course the first decision that you need to make. Essentially, you need to figure out if a condo is right for you and your family. 

One major difference to consider is whether or not the proximity to neighbors will bother you. It’s quite possible that you will have neighbors living on either side of you. That could mean noise coming through the walls, and other things that could find their way into your life. 

Another thing to consider are the maintenance fees that you will be expected to pay should you purchase a condo. If you tend to enjoy cutting the grass on your lawn, planting flours, or simply want a home on a large plot of land, a condo is very likely not the right choice for you. 

Find a real estate agent who is experience in selling condos 

Peter of wants to remind you that when you are looking to purchase a condo, you should find a real estate agent who has experience in that market. 

“One major difference when it comes to purchasing a condo compared to a home is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing. The contract that a community will make you sign typically states that you understand and agree to the association rules and regulations. This is not something to take lightly and it is important to know the ins and outs of your contract before you sign.”

Know what your condo includes

This may sound obvious, but it is crucial that you know exactly what the condo includes before you purchase it. This includes factors such as parking, additional storage, and more. This is more about making sure that everything you need is offered as opposed to paying for things that you don’t want. Though that is important too! 

Basically, it is crucial that you don’t end up moving in only to find that you don’t have a parking spot included in your contract. 

The other reason why this is important is because you want to make sure that you are not paying for services that you truly never plan on using. While it is never bad to have options in terms of services that a condo complex offers, it’s also never wise to pay for things that you don’t want! 

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