Did you know that condominium sales are up 25% from last year? An investment in real estate is one of the smart things you can do.
Some buyers are now choosing condos over single-family units and there are many condos for sale today. Keep reading below to learn five factors you must consider before purchasing a condo.
1. What's the Best Condo Price for You?
Your first step should be making a budget based on what you earn. Once you know what you can afford, research recent sales in your desired neighborhood. A realtor can help with this.
It's also smart to calculate the price per square foot of a condo. That way you can compare it to others.
2. Understanding Your Condominium Rules
Most condominiums belong to a homeowners association and they have rules everyone needs to follow. They also have monthly fees to maintain landscaping or amenities like pools.
Before signing the dotted line, ask for a copy of the rules and association budget. Make sure the rules aren't too strict for you and the fees too high for the services received. Every HOA is different so complete your due diligence.
3. Does the Condominium Complex Have Amenities?
The benefits of living in a managed condominium complex are the amenities available. These include pools, parks, tennis courts, clubhouses, and more. You don't have to live in a luxury condominium to get these perks.
And the best part is these amenities are managed by your HOA!
Decide what kind of amenities you're looking for ahead of time and then compare it to how much the association charges.
4. Study a Condo's Floor Plan Before Buying
Besides calculating your condo's price per square foot, you also want to take a look at the floor plan to see if it's something that would work for your furniture and design needs.
You also want to consider the size. Many condominiums have the same square footage as small homes. And some of them are just as expensive as single-family homes.
Highly sought after condominium designs have lots of natural light, high ceilings, and luxury options like fireplaces. Some buyers are looking for condos with split levels.
5. Tips on Purchasing a Condo
There are many condos for sale on the market. Our only recommendation is to make sure you find the right one for you. You can try checking out Georgetown Park Residences, the Watergate Apartments, Adams Row, or the Chase Point Condominium.
If you're living in a major city like Washington, D.C., you should investigate local public transportation and parking. And, most importantly, make sure the neighborhood aligns with your lifestyle.
Although it gets chilly in DC, you may want to inquire about outdoor spaces as well.
Get Help With Buying a Condo
After reading this article you should have an idea of what it takes to find the right place. Are you thinking about purchasing a condo?
Check out the rest of our blog for the latest real estate trends, tips on financing, and hiring the best realtor.