Buying a Condo: What You Need to Know

Condos are popular form of housing among people who live in urban areas. Experts in real estate consider condos to be an affordable and convenient way for residents to achieve homeownership particularly in urban cities or towns, and areas near business districts.

Buying a condo, however, can prove to be quite a tricky business because there are a lot of factors to consider. You need to have a firm grasp of the condo buying/selling market, trends in real estate, and the terms of sales and ownership. Furthermore, when buying a condo unit, you should also look at other factors such as the location, the community, the people living in the building, and the building’s rules.

Buying a condo is similar to agreeing to a business partnership which requires not only a careful assessment of factors such as location and its dwellers, but also of the management itself. Ask about any legal issues, delinquency rates, and the community rules that you would have to live by. A condo in a stable, well-managed community is the most ideal investment.

In terms of cost, you shouldn't immediately choose the least expensive condo unit. You should look at the monthly condo fees, the reserve fund for repairs and maintenance, special assessments for additional payments, and the building's insurance policies. Your neighbors are a factor, too; the kind of families that live there and the kind of lifestyles they lead can give you an ample insight on what living in that community would be like.