First-Time Homebuyers: Three (3) Things to Consider Before Buying a Condo over a House

Condominium living can be very attractive to many people. This is especially true if you’re staying and working in the city where all the major attractions reside. Just imagine your office building within walking distance that you need not brave the traffic every morning. You can visit your favorite stores and boutiques and go malling until they close in for the night. You can dine in an Italian restaurant anytime you want because it’s just a couple of blocks away. Visualize the freedom of going for a dip at night without having to head over to a nearby resort for swimming pool access. Picture yourself indulging on a body spa after a hectic week at work. Everything boils down to convenience.

What to Consider When Buying A Condo Over A House

Choosing condo over a house is not surprising especially to the career-oriented, socially-active individuals. However, for first-time homebuyers, you have to apply a little caution though. While there are noticeable advantages in condominium living, there are some items that need further considerations. Below are some of them.

Understand each point before you go shopping for a property for sale. See which aspects you can accept and which you cannot do so.

1. Fees, insurance and other expenses. A great thing about condos is that it is cheaper in terms of maintenance and repair costs. Unlike with houses where you are in charge of such fees, the payments you hand over to your homeowners association usually cover all that. In short, you need not worry yourself about it anymore. So before you seal the deal, find out how much the monthly fees are and what does it go towards to. Is there a capital reserve? If affirmative, how much gets funded every year? Is the building insured in the first place? Knowing all these amounts can give you a rough estimate on the total spending it will entail on your end.

2.    Rules and regulations. All condominiums abroad follow certain policies and restrictions which make it entirely different from houses where in the latter, you have the final say of the do’s and don’t’s. So before you close the transaction, ensure that each policy is clearly identified. Are pets allowed? Can you rent out your unit should you decide to move elsewhere? If you love gardening, can you plant anywhere around your area? How about parking? Are your visitors allowed to park on unused spaces? Be detailed in determining each guideline so you will not be caught off guard in case you are not able to meet a condition.

3.    Lifestyle. The lifestyle in condominiums generally requires shared walls and more interaction with neighbors. Verify the percentage between resident owners versus investors. More tenants signify a frequent change in neighbors and a lot of moving in and out which can mean wear and tear on the corridors. What are the quiet hours? What are the demographics of the people next doors?

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