Whether you are looking at purchasing property for the first time, or you are just looking to downsize, there are so many benefits when it comes to purchasing a condo, especially in today’s market! A condo, short for a condominium, is the perfect medium between a full-size single-family house, and an apartment. Condos can be great options for those who are living alone, or a family that does not need as much space as you would in a house.
If you have been toying with the idea of buying a condo, we have pulled together some of the biggest benefits of owning one. Check them out below:
You are joining a community.
First, you cannot go wrong with immediately having access to a welcoming, friendly community. When you live in a condo, you will very quickly be able to get to know your neighbors, especially if you are a social person. Before you know it, you will have a whole group of friends that are just a short walk away! This is also extremely helpful if you are someone who travels frequently, as you will know that someone will be nearby to help keep an eye on your place while you are gone.
You have built-in amenities – and don’t need to worry about maintenance.
Condos have so many awesome built-in amenities, many of which are luxurious! When you are a condo owner, you will likely have access to a gym, swimming pool, tennis court, or even in some areas, a private beach! While you will have to pay toward the upkeep of these amenities as part of your monthly payment, you will not have to worry about the finances of the upkeep or fixing something if it becomes damaged. This is a huge perk, especially for those that may not have enough space to install a swimming pool in their backyard if they own a house. Further, you do not need to worry about other maintenance issues such as mowing your lawn, landscaping, or reapplying coats of paint. All of this is totally taken care of for you!
You can rely on them being safe.
Generally speaking, condo communities are extremely secure sand safe, as they have management that is working around the clock in addition to security. Not to mention, residents in condo communities are extremely aware, and are always keeping an eye out on the surroundings. Therefore, especially if you are planning on living alone, a condo is a great option in terms of safety.
Condos are more affordable.
Even with the monthly fees that condos come along with, they are generally more affordable than buying a house. If you are looking to purchase property and are on a budget, then a condo may be the perfect choice for you, especially because you will have access to amenities that are built into your monthly payment.
So, have we sold you on purchasing a condo? If so, we have included the steps that you will need to take to secure your dream condo. Check them out here:
Get pre-approved.
First, you must figure out what it is that you can afford based on your budget, monthly income, and any debt that you have. Submit all the necessary financial documents for your pre-approval and liaise with the lender as to what your estimate is that you are pre-approved for.
Begin your search.
Once you know what you can afford, it is time to begin your search! Try to only check out properties that you know that you can afford, that way you are not teasing yourself with options that are totally out of budget. As you are searching, make sure you are considering things that are dealbreakers versus things that you might not necessarily need to have. We’re happy to help you navigate the process!
Make an offer.
Congrats! You have found your dream condo. Once you have the exact property that you would like to make an offer on, work with your agent to make an offer that is competitive and fair. This process could be quick or take a little bit longer depending on the circumstances and any other offers that are coming in.
Meet the condo board and apply for a condo loan.
Once your offer is in, make sure that all your paperwork is in order so you can officially apply for a mortgage and get a condo loan. As you are applying for your condo loan, you will also need to meet the condo board and make a great impression, so they feel comfortable with you living in the community.
Get a home inspection.
Your next step is to get your condo fully expected so that you can be absolutely sure that you are getting exactly what you and the lender are paying for. Make sure to make note of any damages during this home inspection so that it is clear what has to be fixed or replaced upon move in, and what will be covered ahead of time.
Sign and prepare for your move-in.
After all is said and done, once you sign on the dotted line you are good to go and ready for move in! Once you get the keys, prepare for your move-in, including setting the date, hiring movers, packing up your belongings, and familiarizing yourself with the neighborhood!