Attached homes like condos and townhomes can be less expensive than detached single family homes which makes them more affordable for more people. That is one of the things that makes them very attractive to first time buyers, investors, etc. If you are considering purchasing a condo, and especially if this will be your first home purchase, take the time to consider the following as you go home shopping:
- A condo as a first home is not usually a long-term investment, but you should still think long-term when purchasing. This means you will want to consider its re-sale value to insure your ability to move up in the future.
- Do you want an upper or lower level unit? Lower level units may have easier access/no stairs but you may be able to hear your upstairs neighbors. The upper unit may have high ceilings where the lower level may not.
- Almost all condo communities have common amenities and association fees to cover their maintenance. These costs usually go up slightly each year.
- You and your guests will need a place to park your car. Do you need a garage? Will a carport suffice? Is there convenient guest parking? Homes with carports only can be less expensive.
- If the community is older, is it well-maintained? Normally older communities are less dense, the buildings are not so close together and there may be more parking. However you may be more attracted to the floor plans and interiors of the newer condo complexes.
- Gated communities can be more secure, but the association fees are usually higher.
- Is the complex surrounded by other condo complexes or are there more single family homes nearby? A condo complex with fewer other condo complexes around will usually hold its value longer and the value may be higher.
- Does the condo and its location suit your lifestyle? Can you see yourself living there, coming and going to work as well as shopping, dining, etc? Is it close to your favorite places? Do you need easy freeway access?
- Do you need a patio or yard space for you, your kids or your pets? If you have pets, the community may have rules and restrictions about pets.
- Can you afford a two-bedroom condo? If you can afford the second bedroom or den, it may be easier to sell in the future PLUS I am sure you will find a use for it once you move in.
- There may be rules, restrictions or guidelines that may not be attractive or practical to you, the future homeowner. Do your best to investigate any rules before you fall in love with the condo.
- Employ the help of a seasoned real estate agent like myself to assist you and guide yo through the process!
This is not a complete list, and once you begin narrowing your search, I am sure there will be other points to consider. Call me today 949.525.5905.