Condominium Buying Essentials: Factors to Consider when Purchasing a Unit
Published on Friday, 12 August 2011
Your home is one of the biggest investments that you will ever make, so it definitely pays to exert the extra time and effort in looking for the right one to purchase. You can either buy a house or a condominium unit. Deciding whether a condo unit is a good fit for you is all a matter of considering your lifestyle as well as your budget.
To help you out, here are a few questions that will help you decide whether or not a condo is a better purchase than a traditional house:
• Is condominium living right for me?
Unlike a traditional house where you basically own the entire lot where the residential unit is built, being a condominium unit owner is entirely different. Here, you will be renting just one space within a building and you are basically sharing the common areas with other homeowners. Based on your lifestyle, you can decide whether this is right for you.
• Should I purchase a new or a resale condominium unit?
Once you have decided that it is a condominium unit that you'd like to buy, take your pick from either a new or a resale unit. You will definitely be saving a lot on a resale unit, although it might be a bit more expensive to maintain.
• How is the condo unit managed and what are the associated fees?
The homeowner's association or condo association within the building usually charge residents with maintenance fees. Do your research on how the association handles their finances, whether they are quick at handling repairs and what their in-house rules are.
• What's the renter-to-owner percentage?
Lastly, it is best to avoid complexes where more than 20% of the people are renters instead of residents.
By taking these factors into consideration, you can look for a condo unit that fits your budget, is well-managed and is best suited to fit your lifestyle.
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