Buying a condo is a very important decision and, therefore, you should do enough due diligence before you put your name on the dotted line. The condo lifestyle has many benefits for seniors, travelers, young professionals, and even families. When buying one, consider it the same as buying a regular home. Look for these five things:
The Size Of The Condo
There is no need for buying a condo that is either too small or too big for your family. It is important that all the stuff from your older home fit in the new condo. If you are starting out and the condo is your first home, consider whether you will have kids in future or your lifestyle needs. For example, if you are a party person and you like inviting people over, you may need extra rooms for them to sleep in and so on. To know the size of the space that you are looking for, measure your current place. That way, you will be able to buy the right space even when you are buying pre-construction. Size is a very important consideration for any kind of a home, including a condominium. If you are from Los Angeles, you can check out la condos for sale.
One of the main benefits of living in a condo is that you get to enjoy amenities that you would otherwise not afford to have in a single family home. Therefore, the condo that you are considering buying had better have some amenities, otherwise there is no point in buying it. Consider the amount that you will have to pay for these amenities, but the more amenities there are better for you. A party room, a gym, swimming pool, parking space for visitors, concierge service, visitor suites, and other amenities may be available. Having amenities in a condo community is great. However, you also have to ask yourself whether you will use all of them. If you will not, look for a condo with whatever amenities you want, because you will pay even for the ones that you do not need as long as the condo comes with them.
The Location Of The Condo
Consider what you are looking for in a condo. For example, some people look for an opportunity to live close to the sea, but single-family homes at the seafront can be quite extravagantly priced. A condo community on the seafront gives you the best opportunity to live where you want, at a lower price. Also consider the fact that in future, you may have to resell the place and move on. If the condo is located in a good location such as Santa Monica or Los Angeles, it will most likely appreciate at a good rate. If it is located in a not-so lucrative location, there will be a small or no appreciation at all. If you want to buy a condo in a premium location, you should check out Santa Monica condo for sale.
The Condo Regulations
Condo communities are governed by rules and regulations. Unfortunately, not everyone can live by such rules especially when they contradict your lifestyle too much. If you are a pet person, you want to find out whether pets are allowed in the condo. Go an extra step and find out whether they allow all types of pets. Some only allow big dogs. Also find out whether you will be allowed to renovate the condo, add extensions and so on. If you do not agree with any of these rules, move on.
The Condo Reserve Funds
Condos have reserve funds that are used for services like roof repair, pavement repair, and swimming pool repair, and so on. If you engage a real estate lawyer, he will be able to find out how much money there is in the reserve fund and how it is managed. If there is little money in the reserve fund, then it means that you could be facing a huge bill for your condo fees, and you do not want that.