Condominiums are a growing part of today's modern housing market with most communities now offering a variety of condo options for buyers to consider. Even more interesting is the fact that condos are becoming an even better choice for buyers in many areas of the country. This is due to the fact that many condos are now appreciating in value faster than comparably priced single family homes. For those who are new to the condo market, however, there are some important points to consider before moving ahead with a condo purchase.
Condos can help buyers avoid exterior maintenance, for a fee
Home maintenance is a significant consideration for the average single family home buyer. Replacing a roof, exterior painting, and landscaping are just a few of the expenses that these owners must figure into their ongoing cost of ownership. When purchasing a condo, however, owners no longer have to worry about paying for this type of maintenance on their own. Instead, each owner is charged a monthly or annual fee that is then pooled and used to cover these needs. Before buying, prospective condo purchasers should always verify the amount of these fees, what they are used for, and how the funds are managed before making a purchase offer.
Condo insurance is different from regular homeowners, ask for a copy
Since condos share common structural features, such as walls, with other units, insuring them is somewhat different than the policy that a single family homeowner might obtain. To avoid any insurance issues in the future and protect your interests, prospective condo buyers should always obtain a copy of the condominium's master insurance policy and have their current insurance provider review it to make sure it offers enough coverage for the individual unit owners.
Resale opportunities protect future values, check for occupancy
Another important factor to consider when purchasing a warehouse district condo is whether or not it will maintain its value, should it need to be resold a few years down the road. The most popular condos, such as senior developments or waterfront district condo developments, are likely to sell quickly and maintain high occupancy rates, especially if managed and priced well. Developments that have high levels of absentee owners, however, may be showing signs of management, condition, design, or location issues that will ultimately impact the future value of each unit.
To find out more about condominium living and what to expect as a new condo owner, prospective buyers should discuss their housing needs with real estate agent who possesses verified condo sales experience. These agents will be able to assist buyers in determining whether a condo is the right choice for their needs, as well as helping them choose the developments that feature the best management and location.
