With the rapid urbanization being witnessed everywhere, an increase in demand for modern condo designs to meet the demand for housing needs has significantly increased. Condos are a good source of investment if you are into the real estate business, as a small piece of land tends to hold several house units with the help of an engineer and a structural architect. It has a large number of condo units sold at an affordable price.
Condos are quite useful for young people and for first time home buyers who cannot afford a family house. When you are planning to buy a condo, there are many factors you should put into consideration. When it comes to choosing the best condo, you can easily get overwhelmed because there are numerous choices to consider during your selection. Whether a newbie or a seasoned homeowner, buying a condo is a massive investment you are making, make sure you research adequately and get to know what will work for you
The merits of living in condos are
that they require less maintenance, they have readily available social amenities, ample security, and are also quite affordable, among many others. Whether you are buying a condo to live in or rent; the following are factors you first need to consider:
Location
Location is crucial because it affects the current as well as the future price of the condo. You should check the proximity of the apartment to amenities such as major roads, hospitals, schools, and many more. You should select an apartment which is close to such facilities as it will save you time and money you would spend walking or driving to access the services.
Building’s Reputation
Just like people, institutions, and organizations, buildings also have a reputation. The marketability of the units should be a significant factor, how long it would take to sell a condo, or get a tenant as compared to the neighboring units and the average cost of the units in the surrounding. You should make sure you get a satisfying answer before buying the unit.
Price
You should have a budget for the kind of unit you want. To be financially safe, look for condos that are within your budget, or you may end up spending all your money on it. You should ensure that you get quality for your money.
Reserve Funds
To avoid the risk of your condo fees
skyrocketing, make sure there is sufficient amount of money as your reserve funds. The reserve funds pay for capital expenses, such as repairs for amenities. You should get a real estate attorney to review the status certificate to ensure the reserve fund is under proper management.