Barbara's Blog - Few things to keep in mind before buying a condo

A condominium is a reasonable lower cost home buying option. Condominium living is like a mini society where the owners are not just responsible for the upkeep of their own units, but for the entire complex.

Just as with any major purchase, there are some things you need to consider before making the decision to buy a condo. Here are some points to consider before investing in a condo.

1.     Location: Probably the most important thing to consider (besides price) is the location. Everyone has their reasons why certain locations are more important than others. Some people prefer a home on the same area they grew up in, others prefer a home close to their jobs while others like to experience totally new places.

2.     Property Rules: Unlike owning a single-family home, condo complexes have property rules, ownership rules, maintenance rules and general communal living rules to follow.  Be sure you know, understand and are willing to comply with these rules before finalizing the purchase. It’s important to know that you can’t make any alterations to the rules without majority agreement from all the owners. 

3.    Legal Issues: Most condo associations have monthly meetings to discuss any issues within the condominium community. Getting a copy of the last meeting’s minutes can be very beneficial in learning if there are any major issues happening at the complex or with any disgruntle present or past owners. You can also find out if the issues were solved prior to purchasing a unit in that particular condo.

4.    Neighbors: Depending on the layout of the complex, see if you can take a walk around, observe the residences interaction and see if you can get a feel of your potential neighbors and your compatibility with them. More than likely you will be living in closer quarters with these people than you would in a single-family home.

These are just a few things to consider before buying a condo. Not addressing these issues prior to buying can lead to major disappointment and regret after you have invested your time and money into a condominium community.