Buying a condo is a great way to dip your toes in the real estate market as a buyer. Unlike purchasing a single-detached home or a townhouse, a condo requires less upkeep and maintenance. Condo owners have access to a building maintenance team as well as a few shared amenities. Moreover, most condos or condominiums have a condo association that makes sure everything about the condo, from its finances to condition, is in tip-top shape.
That said, like any real estate investment, you should do your research. Here are a few things that you should consider before taking the plunge.
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Does condo living fit your lifestyle?
Owning and living in a condo can be excellent. It’s more affordable than other real estate alternatives and requires less maintenance on your part. You also get to enjoy amenities that usually cost a premium if on a single-family home.
However, condo living isn’t for everyone. It is important to consider your lifestyle before buying a property. Condos are ideal for people who want some flexibility in their living situation, as well as a healthy dose of socialization. You will also have to abide by certain rules and restrictions.
If complete quiet and privacy are important to you, as well as the freedom to do your own thing, condo living might not be for you.
- What amenities are important to you?
For some people, the amenities are the biggest draw for living in a condo. But it’s important to remember that condos offer different amenities. What’s available also impacts the condo fees. Before searching, take the time to consider the features that are important to you.
Aside from considering your preferences, a few amenities can affect the resale value of your property. For instance, you might not be a big fan of a pool, but it can be a big draw for potential buyers in the future.
- Association fees and additional costs
Aside from the mortgage, condo owners pay association dues for the upkeep of the entire condo complex. It is crucial to factor in these fees when considering the cost of the condo you are vetting. Ask about what the association dues cover and if the association is financially healthy. This way, you are prepared for the cost of the services that aren’t included in the dues.
Working with a condo expert
When buying a condo, it is ideal to work with real estate professionals with a lot of experience with this type of property. They are more likely to know about up-and-coming developments in your area. Having that expertise can help you land the condo of your dreams.
Purchasing a property, a condo, or otherwise can be stressful and tedious. Partnering with a real estate expert with ample experience in buying and selling condos can take the burden of finding Lake Chelan condos off your shoulders.
In Lake Chelan, there is only one team that you can trust: Coldwell Banker Chelan. Get in touch with our team today at 509.682.7777 or info(at)cbchelan(dotted)com to explore Lake Chelan condos for sale.