5 Things to Know Before Purchasing Your First Condo

Congratulations on the decision to purchase your first home! This decision is a big one and for some, the idea of purchasing (and taking care of) a single family home can be overwhelming, which makes condos a great option. But before you start looking for a condo and purchasing one, there are some things you should consider first.

What Type of Condo is Best for You?

When it comes to condos, there are two options: renting or owning. If you’re reading this, you’re probably looking to own. Now it’s time to start thinking about the TYPE of condo you’re interested in. Do you want to live in a building? Do you want to live in a duplex? Maybe you’re interested in living a small building.

How Condos Work

The biggest difference with a condo and an apartment is who owns the unit (you!). With an apartment, usually, the owner is a single entity and if you’re renting a condo, you’ll be renting directly from the owner. When starting the search for a condo, keep in mind that even though it’s your condo that you own, it will be managed by an HOA.

What the Heck is an HOA?

An HOA is the Home Owners Association, which manages the condos and the communal areas. When you own a condo, you’ll have to abide by certain HOW laws and regulations. These can differ from building to building so getting familiar with the HOA (and the associated costs) and the rules for the specific building is crucial before making a purchase.

HOA Fees

The fees associated with an HOA typically cover the maintenance of the communal spaces and the property as a whole (outside of your unit). This typically covers trash removal, landscaping, repairs to the exterior of the building, and repairs and upgrades in communal areas.

View the Property

Once you’ve determined what you’re looking for in a condo and what you can afford, it’s time to start viewing properties! A few things you should keep in mind during each visit are:

  • Is the property worth the price?

  • What are the maintenance costs?

  • Is there parking?

  • Is there security?

  • How old is the building?

How Much Space Do You Need?

A condo tends to be a lot of homeowners’ first property investment, so the amount of space most people need is minimal. With that being said, consider how much stuff you will be moving with, how long you plan on living in the condo, and what your lifestyle is like.

Is the Condo in a Convenient Location?

While this might seem like a silly question, considering your lifestyle, your daily tasks, and where your place of work is in relation to your condo is SO important. Yes, owning your own home is great but if you have to commute two hours each way to work, you might start regretting the decision.

Ready to start hunting for your first condo? Contact our team at RESOURCE360 today!

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