What to Look for in a Condo
Condos have many benefits over owning a house. In fact, they’re very similar to apartment living, except rather than throwing money away monthly, you are investing in your own real estate.
However, there are some things you need to take note of when you start your hunt. Here are five things to be mindful of as you shop.
5 Things to Look for When Condo Shopping
1. If it’s a new build, check the builder’s reputation. You want to make sure you’re getting well-built condos, not something slapped up with toothpicks and bubble gum. The best way to check this is by reviewing previous developments by the contractor.
2. Ask about amenities. The more amenities, the higher the fees, but there’s a balance between maintaining a comfortable lifestyle and not paying exorbitant monthly fees. Paying attention to the amenities can make a huge impact on your quality of life.
3. Inquire about the condo fees. Along with amenities, you need to know what you’re going to be paying monthly, quarterly, and annually. All fees will cover your amenities, but they may also cover parking and maintenance as well.
4. If it’s a resale condo, see how much the condo fees have gone up annually. For a new build, your condo fees would be set for the year, at least, but when it comes to a resale condo, it’s imperative to check how often the fees increase. If the fees are changing yearly, then the condo may not be a good fit.
5. Review the minutes from the last board meeting. If there’s been a board meeting, it can be beneficial to review the minutes, because a lot of things can happen during these meetings. The discussions at the board meetings directly affect your quality of life and the value of your property.
Keep these five things in mind as you search for the perfect place, and you’ll be moving into your dream condo in no time!