Condo living. It’s not for everyone. But for some, it’s everything they could ask for in a home. I, for one, live in a condo building. I rent, at the moment, but for the most part a lot of my neighbors have stake in the building. I love it here. I mean, I’ve had a couple personal hiccups with neighbors, but who hasn’t, right?
If you’re one of those people that is looking for a “starter home”, condos truly are the perfect place to start. So here are a couple things to take into consideration before you make that big purchase…
- Your temperament: Are you a rule breaker? Do you stomp your feett if someone tells you how to do what to do? Well, if you’re not one to abide by the rules the HOA puts down for its residents, then you might want to reconsider being a part of condo. There’s nothing worse than living in a place where you feel restricted.
- The HOA: Aside from building rules, you really need to know if you’re purchasing a unit that doesn’t have any problems, and even more so, purchasing in a building that might not be up to code or is run down. There’s nothing worse than buying into something that needs fixing the minute you move in. You might be the new guy/gal, but you just bought stake in a building which means if something is broken, every owner needs to contribute and pay to fix it. So just make sure the building isn’t under litigation and is being taken care of properly.
- HOA fees: These are usually divvied up by square footage per unit. It could run you $200-500/month depending on your building’s amenities, so make sure you’ll benefit from what’s provided. On top of that, it’s basically an additional cost to your monthly mortgage, so if it surpasses what you can afford to buy an actual house, you might want to reconsider what you’re paying for a condo.
- Environmental needs: If you’re a biodegradable, composting-recycling lover, you should educate yourself on whether your building is equally environmentally-friendly. I, personally, was distraught to find out there were no outlets in my parking garage, so it prohibited me from buying an electric car (which I REALLY wanted). So if your needs aren’t met, then find a place that is more fitting for YOU.
There’s kind of a trend here. It’s the HOA. Talk to the HOA president if you can, prior to making an offer. See if he/she is someone you could jive with and could get in touch with if you have any concerns. Just make sure you feel like you’ll belong and that you’re welcome where you’re living! It’s common sense to do your research. I mean, you ARE making one of the biggest purchases of your life!
And feel free to check out some condo listings on my KW SITE HERE! I’m here to help:)