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Top Tips for Purchasing a Condo

Rosanne Jackson 2019-02-23 0 Comments

Purchasing a condo is a bit different from buying a single-family home. Thus, there are different considerations you have to take into account before buying. Buying a condo comes at a lower price as compared to buying a single-family property. This is because a condo is a shared property that has individual owners. A good example is Leedon Residence. Also, some services such as fitness centers, pools, and tennis courts are provided.

A lot of people buy condos because of their lifestyle and less maintenance. Before you buy, you should note that each condo is quite different. You should note that each community has its association fees, community rules, amenities, and a management company. The following are tips to help you choose the right one.

Find the Right Fit

condo livingYou need to ask yourself why you are purchasing a condo. In any case, it has its pros and cons. The main difference between a single family residence and a condo is the proximity to the neighbors. You will have a lot of neighbors attached to your condo. Are you ready to live with neighbors? Also, you have to look at the maintenance aspect. If you love planting flowers and cutting the grass, then you should go for a single family home rather than a condo. Usually, condo communities include fees for snow removal, lawn maintenance, and landscaping.

Find an Experienced Real Estate Agent

The purchase agreement for a condo is quite different from other real estate properties. One aspect of buying a condo is that you have to sign a contract with the community and another with the seller. The community contract is about association regulations and rules. Thus, it is a good idea to hire a real estate agent who has adequate experience selling condos. He or she can guide you through the process and ensure some things are not overlooked.

Obtaining Financing

condosBefore buying a condo you should ensure you get pre-approved before looking at the condos and determining whether it is the best fit. Obtaining financing may be tricky as most loan products, and lenders do not allow condo buying. Usually, condos are bought with cash because of the programs and regulations of lenders. If you are planning to get a loan, ensure the condo community is already approved.

Amenities

You should know what the condo includes. Check whether it has reserved parking or extra storage. Does it provide extra parking space for your guests?…

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Benefits of Buying a Condominium

Rosanne Jackson 2018-04-08 0 Comments

If you have ever lived in an apartment or home before, you can distinguish this experience from that of residing in a condo. First, and most important, once you buy it you won it. The experience can be likened to living in your own home. There are some similarities between those living in rental apartments and those in condos, such as living in an area with surrounding buildings. This article briefly highlights some of the perks of residing within a condo.

condominium

Price advantage

 

Living in a condo comes with several financial advantages, for instance, a fixed payment on a monthly mortgage. This makes mortgage ownership a smart option especially when we consider that no money gets lost in the process. When investing in a condo, you might gain money in the process.

 

Repairs are not your responsibility

 

People who reside in traditional homes have to carry out periodic repairs. Condo residents are exempt from expenses such as mowing the lawn, garden hedging, roof or pool repair, etc. This relieves the residents of unnecessary stress. Most owners do not spend their energy repairing the property outdoors. Instead, this energy is redirected to the interior of their homes.

 

Social amenities

 

The amenities present in condos depend on the developer. The most common are parking garages, gyms, swimming pools, etc. You are free to swim in the pool anytime you please or exercise at the gym. The terraces provide a great spot for hosting a barbecue during a sunny weekend. Some condos are fairly furnished, containing stainless steel kitchen appliances, a dryer, and a washer. Condos have cool parking garages too. The people renting apartments might find themselves having to pay a street parking fee. Others will be forced to go for a street cleaning.

 

You can renovate

 

As long as the place you reside in is under your ownership, you are at liberty to renovate it anytime you please. Renters are unable to rearrange their spaces and might be forced to forfeit security deposits. Condo owners rearrange all aspects of design so that they can proceed without any consequences. This is very important for families living in limited spaces.

condominium

Living in a community

Condos foster a communal feel. The interaction among resident s in the building creates a sense of security unlike one living with a traditional home fenced off from their neighbors. People living in rented apartments live like strangers. Condo owners are bound to run into their neighbors as interaction is inevitable when one takes out the trash or checks their mail. A communal dynamic brings about trust and collective responsibility as everyone looks out for the other.

 

Security

 

Unwanted visitors will find it hard to gain access to the condo. First, they must get past a lock at the front entrance. This sense of security cannot be same for rental buildings or the old traditional homes.

 

Profitability

 

A condo is a flexible asset that can accrue in value over time. You just have to get your economic timing right to get a good deal. Some buyers acquire condos as a form of investment. They then predict future appreciation and sell a unit once the value rises.

 

Get it right

 

Thinking of buying a condo? The market presents many options, and the process has been simplified greatly. Experienced real estate agents can get you one of the new condos in no time.…

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