3 Things To Keep In Mind When Buying A Condo

You want the privilege of ownership that comes along with a home, but you don't necessarily want the landscaping, security, and maintenance requirements that come along with doing so. This wish list has lead you to the decision to purchase a condo. Learn how you can find the right condo for your needs.

Hang Out In The Lobby

Take some time to hang out in the lobby. Watching the people that come and go will offer you a good indication as to what type of residents are inside the building. Unlike a house, with a condo, you are a lot closer to your neighbors so any issues will be magnified.

It doesn't matter if you're in love with the condo, if your neighbors are disruptive, this will be a problem. Make sure you are comfortable with the residents you see inside the lobby to better determine if the property is the right fit for you.  

Investigate The Maintenance Contract

Make sure you're investigating the maintenance contract. While all condominium properties generally come with maintenance, to what level you are protected varies from property to property. At some properties, only preventive maintenance is covered, such as changing air conditioning filters; at others, you can get help for everything from a clogged drain to a hole in the wall.

Knowing this information beforehand can help you plan your budget accordingly and better anticipate your out of pocket costs. Keep in mind that the more services covered, the more you can expect to pay.

Ensure Adequate Storage

Unless you have a lot money to spend on a large condo, you probably won't have a lot of extra space for storage. Ensure the property comes along with on-site storage so that you have a convenient place to store your excess belongings without overcrowding or cluttering your condo.

When touring the property, ask to be taken down into the storage area to see how large it is and to ensure it is secure. Some properties have a room with storage lockers whereas others have a storage unit style layout with private storage closets, which is generally the more secure option of the two.

Although your purchase might not be as large as a traditional house, purchasing a condo is a significant investment nonetheless. Make sure you're taking the time to thoroughly research the property to ensure you're making the right selection for your short and long-term needs.