10 Tips for Buying a Condo

May 5th, 2014  |  Home Insurance

Buying a home and buying a condo are very different situations. Each have a unique set of considerations that you need to take into account when exploring your purchasing options.

Here are 10 tips to factor into your decision when buying a condo:

1. Work with a professional realtor: You can make things so much easier on yourself by using a professional real estate agent. If possible, hire an agent that specializes in the condo market.
2. Get pre-approved: Mortgage pre approval is a good way to start your search for a condo. Getting pre-approved will let you know how much of a mortgage you quality for, which will help you adjust your search, and will make things easier when it comes time to buy.
3. Think resale: It is always important to think about resale when you buy a condo, especially if you plan on upgrading to a house in the future. Things like the floor you are on, the view, square footage and other elements will all play a role when it comes time to sell.
4. Location, location, location: Location is the most important factor in real estate. Whether you plan to sell in the future or are going to stay for years, location is the one thing that you cannot change about your condo.
5. Visit your contenders: While there is no perfect number of condos that you should look at before buying, it’s important that you explore multiple options before making a final decision. It is also a good idea to make a follow up visit to the condo you want to buy before proceeding with an offer.
6. Rules and regulations: Every condominium is different in terms of rules and regulations. Review a copy as a precaution to ensure there is nothing that could put your purchase in jeopardy.
7. Consider builder reputation: When considering a condo, you need to also consider the builder reputation along with the specifics of the unit you are interested in. Buying in a building from a good developer can minimize potential issues and help with resale in the future.
8. Know the Fees:  Make sure you are clear on the cost of property taxes, maintenance fees, and all other costs associated with owning a condo.
9. Check out the Amenities: Amenities are an attractive feature of living in a condominium. Check them out when considering your condo options.
10. Look into condo insurance costs: Condo insurance is different than homeowners insurance in a number of ways. Talk to your insurance broker and get a quote for condo insurance before making your final decision.

What do you think is the single most important tip that prospective condo buyers need to take into account when looking into condos?