Buying your first prope rty is a daunting task that could take a toll on your psychological and financial capacity. Most first- time home buyers are often torn between buying a single- family home and renting a condo. However, most people opt to start out with condominium units as opposed to attached homes. This is attributable to the affordability of condos coupled with the high likelihood of value appreciation. Indeed, condos are often extremely benefic ial, providing homeowners with equity that comes in handy while investing in larger houses in the future.
However, it is important to note that while a condo is presented as a tempting first home option, you cannot afford to purchase one carelessly. It is imperative that you conduct sufficient research to ensure that you get the best deal in the market. Some of the prime considerations while purchasing your dream condo in the metro include the following aspects:
It is important to make a list of what your dream condo should look like. For instance, there are features or amenities that your ideal condo should have. Such include a central air conditioning, graphite countertop, adjustable heating or even a mirrored closet. You should consider everything, even the smallest details like the look of the hallway, location of windows and flooring.
Condominiums can be bought at a wide range of prices. It is therefore crucial that you find a condo that does not exceed your budget. Some of the factors that will determine the overall price include location, size and the various upgrades that are optional. You will want to make considerations beyond the down payment and mortgage payment. Think about the legal costs, closing costs, land transfer fees and taxes among others. Renting a condominium is probably one of your biggest and life-changing decisions, so make sure to get a great deal. It is therefore advisable to hire a realtor, or simply look for a condo for rent on Zipmatch.
Homeowners living in condominiums are often compelled to live with neighbors in very close proximity, behind a few inches of walls. This is unlike homeowners living in traditional detached homes, in which they are essentially separated from their neighbors by both distance and several walls. It is therefore important that you thoroughly evaluate the neighborhood of your prospective condo complex, lest you end up being subject to loud, unpleasant or disruptive people.
An evaluation of a neighborhood entails visiting the complex several times and assessing the type of people residing there. You should also visit at different times of the day, which would allow you to get a better glimpse of how the neighborhood is. This will also help you in determining whether the people living there qualify as decent and sociable.
It is important to consider the ease of getting to work, regardless of whether you walk, ride a bike, drive or take public transportation. If you discover that your commute will henceforth take longer than expected, or impossible without changing your current mode of transport, that condo is probably inappropriate for you.