Buying a condo can be a good experience if you know what you are getting into.  If you enjoy the easy life but you still want to own your own home, buying a condo may be just the thing for you!  Today, we will look into a few things you may want to consider before buying a condo.

buying condo

  • Get to know your HOA if there is one.  Find out what you can and cannot do in and around your new condo.  Many people take getting to know about their Homeowner’s Association for granted until it is too late and they run into a problem. 
  • Look into the bylaws of the condo you are thinking about purchasing.  You can find out about rules regarding pets, parking, maximum occupant guidelines as well as finding out about things you can and cannot change in the unit if you decide you would rather rent for a while. 
  • Have the building inspected to see if there will be any need for repairs before you purchase it.  This will help you in the long run avoid spending needlessly on things that could have already been fixed before you move in to your new condo. 
  • Find out what your voting rights might be as a condo owner.  You can check this by again looking into the HOA and those that govern it. 
  • Check into the finances of the condo to see that there are reserves for building maintenance that may come into play in the future. 
  • Go door to door and get to know your potential neighbors.  You will be living in close proximity to your neighbors if you do choose condo life, so spend a little bit if extra time getting to know those around you. 

Condo life can be great if you are an empty nester or if you are single or an older individual looking for a more relaxed lifestyle than typical home ownership offers you.  The last thing you want to be doing in your later years is worrying about keeping up a house and all that it entails.  Start looking into condo life today by doing a bit of research online for condos in your area for sale or rent.  There are pros and cons to owning your own condo  so be sure to do your research and figure out if living in a condo works for your lifestyle.  You may find that you have found the gold at the end of the rainbow by purchasing your own condo.