The Things No One Tells You About Your First Condo
October 23, 2015
Buying a condominium is a lofty aspiration (no pun intended). To live in an urban area, within walking distance of many places of interest, while also receiving benefits such as a 24-hour concierge, security, elevators, etc. is a very desirable form of living. Add to that the convenience of not having to attend to tasks such as exterior maintenance and landscaping, and buying a condominium seems like a very attractive proposition indeed.
So when to buy a condo? The season will affect the price, availability, and competition for condos in your area of interest. Winter is a difficult time to move and there will likely be few vacancies, but those that are vacant will be priced to sell and you will face little competition in terms of other buyers. Summer is prime moving season, so there will be lots of competition, but more vacancies. It all depends on your needs and what you can afford.
Buying a condo can be an expensive endeavor — with a conventional loan, your down payment will be at least 20% of the purchase price if you are financing the condominium purchase. Although condos are in general cheaper than comparably sized family homes, you will have to pay condo association fees, and the loans are not always as favorable. Do some comparison shopping before buying a condominium.
Being able to impress people with your living space is one of the advantages of owning a condo. However, many condo buildings insist upon privacy and exclusivity for their residents, and you may not be as free to bring up a horde of guests as you might like. Do your research on what the scene is like in a given condominium building, and get to know your neighbors if possible.
A condominium is a fabulous investment that affords a truly smashing lifestyle. As long as you maintain some basic decorum in going about the acquisition process, you are likely to deeply enjoy your condominium experience. Please share any condo-related updates with us in the comments below.