Readers ask: What to look for when buying a condo?

What questions should I ask before buying a condo?

Ask These Questions When Buying a Condo

  • How Much Are the Fees?
  • What Do the Condo Fees Cover?
  • Are There Pet Restrictions?
  • Do I Still Need to Purchase Insurance?
  • What Are the Rules?
  • Is There Any Pending Litigation?
  • Are There Any Special Assessments Due or Coming Up?
  • Can You Have a Grill on Your Deck?

Why you should never buy a condo?

Less Space and Flexibility. Another one of the reasons not to buy a condo is that you have less space and flexibility in how you use your place. Some condos offer owners extra storage space or possibly a basement, but youll still likely have a smaller, more compact living environment than you would in a house.

How do you know if a condo is a good investment?

Make sure there are more owners than renters.

If over 50% of the occupants are owners, the condo is probably a good investment. Since renters don’t really have skin in the game, they often don’t care as much about the property and shared common spaces as owners do.

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What is a reasonable price for a condo?

Condos are less expensive than houses

The NAR also reported the median existing condo price was $231,600, also as of January, 2018. That’s a difference of only $10,000, but the gap is much wider in a lot of markets. A lower price means a lower down payment and a lower monthly payment.

Is Condo better than House?

A condo is usually less expensive than a free-standing house. Condos are much smaller in square footage, and maintenance is typically cheaper because you’re only responsible for the interior of your home. You don’t have to worry about landscaping, the roof or the exterior walls.

How important is a view in a condo?

While the interior of a unit can always be renovated, a resident is stuck with the view as long as they’re occupying the unit. In other words, a condo view is extremely important, and prospective buyers should take care in choosing their view, and the future potential of their view.

Should seniors rent or buy a condo?

“Mentally, people consider owning a home as an investment, even if they have recurring expenses,” he said. “But retirees should look at renting as an investment into a lifestyle. Renting can be cheaper than owning a home, and retirees can free up home equity to improve their life.”

What are the disadvantages of owning a condo?

Downsides of Buying a Condo

  • Homeowners Association Fees. As you might imagine, that pool, fitness center, security system, and maintenance crew all cost money.
  • Potentially Mismanaged Funds.
  • Lack of Privacy.
  • Delinquency.
  • Difficulty Selling.
  • More Rules.

Is it wise to buy a condo?

Should you buy a condo? Ask the pros and many will say yes. That’s because a condo offers the layout and livability of a single-family home with the low-maintenance lifestyle of an apartment. That means you don’t have to worry about hassles like mowing, snow removal or replacing the roof.

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Is it better to buy a one bedroom or two bedroom condo?

a two bedroom apartment purchase, affects the bottom line of any investor. Capital appreciation is the price appreciation each condo owner gets simply by owning a condo over a period of time. Two bedroom units appear to be the better choice over one bedroom units, when looking at the appreciation rate.

Are condos hard to sell?

Condominiums can be a good investment for the right buyer in the right location when times are tough, though they can be harder to buy and sell than a detached house. Before purchasing a condo, be sure to do your due diligence and check out the HOA, CC&Rs, and any tax and insurance situations.

What repairs are condo owners responsible for?

Most condo associations only manage the common spaces, which for a detached condo typically covers landscaping, trash, and snow removal. Some exterior maintenance items such as rotted wood, old paint, and roofing repairs will also likely be covered.

Who is responsible for Windows in a condo?

For condo owners, the insurance is a shared commodity between everyone in the condominium unit and the association is responsible for choosing the right coverage for your home. Your windows should be replaced with the agreement of the condo association that protects homeowners from natural disasters.

Do condos appreciate in value?

The rumor that condos do not appreciate as fast as single-family homes is false; according to the National Association of Realtors condos have routinely outpaced single-family homes in appreciation. Newer condos require less maintenance and may have lower fees, but those fees will go up as the units age.

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What do condo fees include?

Typical condo fees generally always include a contribution toward the building’s upkeep and maintenance, but they may also include heat, water, sewer, garbage collection fees, and even electricity and cable TV in some cases.

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