Condominium buying could be stressful if you do not have the right guidance. Though it may be similar to buying any other property, there are some key factors to consider to get the best out of your investment. Statistics show that the majority of the real estate buyers prefer single-family homes and the remaining opt for condominiums, townhouses and cooperatives. Real estate companies dealing with condo buying and selling is the apt choice if you consider an investment. learn more from their company before signing on the dotted lines. www.homeadvisor.com defines condominium as a multi-unit development where the owner gets to own just the unit interiors. The Association owns other areas like lobby, walkway, exteriors, lawns and community facilities.
Condo buying tips
Check the cost: Property buyers base their decision on the price. The cost for the same type of property in the same location can vary depending on external and internal factors. The size of the property, location, upgrades and other features increase or decrease the price. Value-added features add to the cost; for instance, condos with a common gym, clubhouse, pool, library etc. will sell for more.
Property size: The average size of a condo is 1300 square feet; this is a good size. Anything less than 500 sq ft is not worth the decision unless it comes at an extremely affordable price. Small condos are difficult to sell with high competition, and you may end up stuck with the property for life. The value of the condo depends on how close you are to the downtown area and other amenities; the closer, the more expensive.
Garage size: A garage is a great addition to a condo. It makes it lucrative when you plan to sell it later. The ideal scenario would be an indoor garage; if you cannot manage this, the exterior garage is another option you are left with. Winters are truly harsh in some parts of the world, and it is definitely not wise to have street parking as an option.
Ideal location: The price of a condo depends on the locality you find it. Location is the key factor that drives a sale. While purchasing a condo ensure the area is well-developed or developing. A location close to social infrastructures could be an added advantage. Facilities like malls, restaurants, hospitals, schools, public transport and other attractive features add value to your condo.
Value-added features: When you plan to rent or sell a condo, do not be lost in the competition. Add unique features to your space to give it a boost. Let you condo stand from the rest with features like patio doors, extraordinary brick walls, a designer kitchen and more. Unless your place is different, you cannot attract tenants or buyers easily, as the market is flooded with similar types of condos waiting to be sold. The condo should present a flow from one room to the next. A cluttered and confined space is not a welcome sign. Moreover, no one wants to pay for boxy condos.
Follows these simple tips and buy a condo to enhance your quality of life.