Many people are deciding to downsize on their homes today, whether the kids have gone off to college and retirement is coming soon, or they are young professionals not ready to invest in a large home. For these reasons, condominium living has become more popular in recent years. Urban areas as well as casual resort and more rural settings have condos for sale that appeal to just about any taste. These types of lodging are popping up in unexpected places today. They are no longer relegated to the high-rise resorts on the ocean as they were in the mid ’80s. Old warehouses and factories are being converted to provide living spaces, and cities are expanding out into what were once rural areas to allow for multi-family dwellings with a country, natural feel. With this vast array of types of condos for sale, it can be difficult to choose which is right for you. Here are some tips to help you out as you venture into condominium living.
– Like with all home buying, get prequalified for a mortgage first. Find out how much you can afford and what financing options are available to you.
– Select a realtor to help you out on your search. Their services are free, and they can offer you their expertise and knowledge of the area.
– Hire a law firm to help you out with paperwork for closing and legal advice for home buying.
– Have the realtor show you a variety of condos for sale: high-rises, flats, and lodgings with or without amenities like swimming, tennis, doormen, or workout areas.
– Plan to buy the largest space you can afford. Studios and one-bedrooms are difficult to resell, unless you’re in an area near college or university campuses.
– Visit the area at different times of day to gauge traffic, both pedestrian and vehicle, and to find out what the noise level is like.
– Choose a unit with the best view. This makes for easier resale, too. Be sure to pay attention to incoming sunshine, however: a great, sunny view can also mean higher air conditioning costs in summer.
– Check out the parking space situation and be sure there is plenty available for tenants and guests.
– Consider storage options by thinking about how much closet space you’ll need. Most complexes offer some type of on-site garages or storage areas. If not, you may need to incorporate a little extra cost to your mortgage calculation for monthly off-site storage fees.
– Don’t forget to check out evacuation routes in case of emergencies. Be sure to have an inspection performed by a certified building inspector prior to purchasing.
– Talk to neighbors and find out what they like best or what they may not enjoy about living in the complex. Ask around about pet policies and other details that might not have been advertised or explained by your realtor.
With these simple tips in mind and a great idea of exactly what it is you’re looking for in your new home, you can find condos for sale to suit almost any need. It’s a great way to live maintenance-free and in a smaller home when you don’t want or need a lot of space or furniture.