Are you in the market for a condo? Buying a condo, or condominium, opens the door to a flexible lifestyle. It’s a great option for households wanting to downsize, professionals on the go, or aging individuals that don’t want the upkeep of a single-family home.
The following are tips for buying a condo…
- Determine if buying a condo is the right type of home for you. Condo living isn’t for everyone and there are different types of condos to consider as well. Research the condos in your area. Just as if you were purchasing a single-family home, take into consideration the location, proximity to your place of work, etc.
- Hire a real estate agent that specializes in condos. Your realtor can help you through every step of the process. Since condos can have different financing and procedures associated with the purchase, a realtor will ensure you’re doing every by the book and getting the best price when buying a condo.
- Find out if the condo is FHA (Federal Housing Administration) approved. An FHA loan may allow you to have a lower down payment. This can be a huge saving no matter your circumstances, but in particular for first-time home buyers.
- Know what’s included with the condo. Condos typically have an association fee. These can fluctuate depending on the square footage if your building has elevators, or the amount of lawn care that is required, amenities included, etc. Find out how much the fee is and if it will increase over time. Before buying a condo, ensure the fees and any exclusions that apply are in writing.
In addition, determine if things like a parking spot, garbage pickup, or storage space are included in the purchase. Get these items in writing as well and know if they’ll be available upon closing. We also recommend learning who the maintenance company or garbage vendors are so you don’t have any surprises. Ask your realtor to help you ensure nothing is being missed.
- Review the condo association’s rules. Just as important as knowing what’s included with the condo, is learning what the association’s rules are. If you have a dog, for example, make sure the condo is pet-friendly. Condo living means being in close proximity to your neighbor, therefore setting rules are important for the association but be sure they are rules you can live with before buying a condo.
Our team is happy to help you with any questions you have about buying a condo. Contact us to meet with one of our condo specialists and learn more about your options for condos in Columbus & central Ohio.