Wednesday, March 16, 2011

Ten Things to Look for When Shopping for a Condo

If you’ve decided that a condominium is the type of home you want to purchase, there are several different items that you should take note of as you make comparisons between your different purchase options.

1. Cost versus condition. This should be obvious, of course, but the cost per square foot is not the only information you need to know. You need to carefully compare the condition of each unit with the price of the unit.

2. Balcony or patio space. Does the unit have a balcony or patio space for your private use? How large is the space? Is it large enough for entertaining or is it just meant for one or two people?

3. Additional storage units. Is there additional storage space included with the unit or available at an additional charge? This can be an important ingredient, especially for sports enthusiasts who have sports equipment that won’t fit into the available closet space in the condominium.

4. Parking. There are a few different questions you should be asking about the parking situation. First is how many parking spaces or garage spaces are available as part of the price of the condo. Secondly, you should ask about if there are any additional parking restrictions included in the condo covenants. Many condos include restrictions regarding the parking of boats, trailers, campers and other types of recreational equipment. Some also have restrictions regarding visitor parking.

5. Pool. Most condominium associations include a pool. Although the cost and upkeep of the pool will be covered by your association fees, you will want to check to see if the pool is indoor or outdoor. Again, you will want to find out what the association rules are regarding the use of the pool. There may be limitations that you don’t expect.

6. Athletic facilities. Athletic facilities can vary greatly from one condo building to another. Some buildings have a fully equipped exercise room with stationery bikes, ellipticals and treadmills. Others might have only a racquetball court and tennis courts. The comparison between these facilities depends totally on their importance to you personally and what you are looking for.

7. Sublease limitations. Different condominium associations have different restrictions regarding the subletting or renting of your condominium unit. Some have no restrictions at all, others may limit you to short term six month subletting.

8. Location. This consideration has two different aspects to it. One is whether the location fits your lifestyle and the part of the city you want to live in. The second aspect of location is the affect that it has on the price of your unit. Two very similar units located in different areas can have a large variation in their price simply because of one being located in a more desirable area.

9. Children and pets. Some condominium neighborhoods are geared towards families with children and some are not. It is always good to ask about the current population and what the mix is of different age groups and couples with and without children. If pets are an issue for you in any way, then you should check on the association rules regarding pets and animals as well.

10. Association fees. As you compare the different amenities available to you with each condo you look at, you will also have to compare the monthly association fees that you will need to pay to cover these benefits. It can be a complicated comparison at times when there are big differences between what different associations provide as part of your membership fees.

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1 comment:

  1. Will gonna save all this information. Thanks for sharing! This is a big help! :)

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