4 Big Things To Consider Before Buying a Condo

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Buying a condo is not the same as buying a house, mainly because you’re purchasing a property that exists within another development. As such, you’ve got plenty of things to think about before deciding on this purchase. 

#1 Condo Fees

When you buy a house, you buy a property that exists on its own patch of land – and you’ll own the entire property, plus any land that comes with it. You won’t pay fees to anyone else, other than the usual taxes, etc. 

Buying a condo is different in that you’re buying a condo inside of a building that someone else owns. These buildings are typically owned by property development companies, but this means they come with condo fees for residents. Two of your top considerations are: 

• How much will you pay in condo fees?
• What do the condo fees cover?

It’s a big thing to factor into your decision, as the ideal condo may be too expensive if the fees are way too high. 

#2 The Building & Common Spaces

Because your condo exists in a wider building, you need to make sure that the building itself is worth moving into. Is it in good structural condition, or does it seem really old and run-down? Similarly, what about the state of the shared spaces in the complex? 

Is the entrance lobby really badly looked after? Are there any common spaces where you can hang out with friends or fellow residents? Does the developer put a lot of effort into improving shared spaces in a condominium, or are they content with leaving them to rot? 

So many questions, but they all point to one key thing: you should probably avoid condos where the building and common spaces are neglected or in terrible condition. It doesn’t bode well for your investment or your long-term happiness. 

#3 The Condo Association

Following on from the point above, what is the condo association like? Each condo has an association that basically manages and maintains the building on behalf of residents. It’s good to have a look at their website or previous meetings to see what they’re doing – or what they plan to do. 

Good associations are always looking to improve the place for everyone, while bad ones splash the cash on things nobody needs, meaning the living experience sucks. Ideally, you want a good condo association on your side! 

#4 Rental Rules

Some condos will have rules that let you rent them out to tenants, but others explicitly say not to do this. If you plan on buying a condo and renting it out, then this is clearly an essential consideration. Otherwise, you can skip this point entirely! 

As well as the considerations above, you’ll also have to think about some of the general things that come up when buying any type of property. This is where you have similar considerations to buying a home, such as your budget, how much home you get for the condo’s value, the location, and so on. You can usually begin with those thoughts as they’re what you might be used to, but then you have to take into account the condo-specific concerns.