The process of finding the perfect condo is similar to finding any other type of home--with a few exceptions. Here are some of the key factors to consider when purchasing a condo:
How much can you afford to spend on a condo? Make sure you evaluate your budget to get a sense of whether you can afford a condo purchase. A good way to determine how much condo you can afford to buy is to get pre-approval from a mortgage lender.
Condo living can also include additional ongoing expenses, such as homeowners association dues. Some condo communities also have fees for maintaining public spaces and amenities. Research all applicable fees to create a more accurate budget.
How much space do you need in a new home? Think about things like your plans for family, career and lifestyle. For example, if you plan to live by yourself for the foreseeable future, you might not need an expansive 4-bedroom townhome. Conversely, if you have children or plan to, you will want more than a studio.
Location is another key factor to consider. Think about things like school districts, work opportunities and daily travel time. Do you want to be near public transportation, services and commerce? Check out the surrounding area to determine whether you're choosing a condo in the perfect location.
Condo living is different from living in a traditional house. A condo is your own property, but you will still have to follow the rules and regulations set by the property management and community.
For example, many condo owners cannot modify a property's exterior without first getting approval from a co-op board or homeowners association. This means if you want to make substantial changes like replacing windows, removing interior walls or painting the outside of the condo, you will need to seek permission. Researching the details of a condo community's rules will help you determine whether you would feel comfortable with them or if you'd rather have more freedom to modify your property.
Purchasing a condo is the perfect option for many potential homeowners. As long as you consider these key factors, you'll be able to make the best decision.
Nicki has a passion for building relationships and fostering community engagement, honored and enthusiastic about joining the MMFRE team. An Oakland County native, she, along with her three children, make Clarkston their home. Having an in-depth knowledge of the area and all the lakes have to offer, her insightfulness equates to rewards to all that are purchasing (and/or) selling their most valuable asset.
Armed with a Michigan State University (MSU) degree as well as 10 years of business experience in advertising and marketing, Nicki's "silver lining" shines through when it comes to showcasing properties for the "highest" and "best" results in this fast-paced, competitive industry.
She's "people person" at heart and enthusiastic about delivering results, you're sure to get to a successful finish line as my resourceful package of approachability, talent, resourcefulness, creativity, cheery attitude and honest hard work is yours for the asking.
