Ah, the beauty of condo life – where lawns are neatly mowed, where amenities provide all the comfort in the world, and where the buzzing hustle and bustle of the city is just a short stroll away. It can never get better than this. But, hold on to your balcony railings, as many things await your keen eye before you dive into the oasis of relaxation. Here is what you need to ask and get the answers for before buying your first condo.
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Is the soundproofing sound?
Imagine this: you are sipping your morning coffee, relaxing, and taking it all in, enjoying the solitude of your own space and the decorative bliss when suddenly you hear the blasting soundtrack of a movie you can’t stand from your neighbor’s TV upstairs. Not ideal, right? Soundproofing can make or break your condo bliss. So, before you put your signature on the dotted line, check whether the condo’s soundproofing is really good. You might want to pass this one if you hear your neighbor’s playlist clearly or their dog’s excitement over a treat.
Can you afford the monthly rates?
Being a condo owner has its fair share of monthly dues. You need to think about maintenance fees and emergencies. You must put some money aside for all of these scenarios. When you put everything on the scale, do you have everything it takes to afford the monthly rates? Compare the fees with nearby complexes and see what they cover, whether it is only the upkeep of common areas, or you get to enjoy a fitness center, or maybe earthquake insurance along the way.
What are the rules, really?
A condo complex has its own condo community in a microcosm of the society. It has its own rules and regulations. Before you choose a condo, find out about the complex’s covenants, conditions, and restrictions. For example, can you deck your balcony with fairy lights? Or plant a mini garden of earthly delights? Find out. Only in this way will you ensure that your lifestyle aligns with the condo rules.
Is the management a maestro or a misfit?
Behind the curtains of condo living, a skilled conductor orchestrates the symphony of maintenance and management. That would be the property manager. You should establish a good relationship with the property manager to get prompt responses and fair dealings and have them stand by you in unexpected situations.
Will your investment sing or sour?
Yes, you will buy your condo to live in and enjoy all the benefits, but peer into the crystal ball of future resale value just in case you get sick of it. Will your condo soar in value? Will it be like a soprano hitting that high C, or will it plummet like a lead balloon? Research the market strength in your city, find out the reliability of your complex, and assess any upgrades that need to be done and how much value they will bring to the condo. A condo may be a nest for now, but one day, you’ll want to spread your wings and fly, so make sure your investment can weather the winds of change, too.
Bonus question: Is the parking situation a smooth ride or a bumpy road?
A designated parking spot in the busy metropolitan area where your condo is located is like finding a golden ticket and getting invited to the Chocolate Factory. What I want to say is – it is challenging. So, before you commit to condo living, ask about the parking arrangements. Will you have a reserved spot to call your own, or will you need to circle the block in search of a vacant curb? Clarify the parking policies and find out whether it’s first-come, first-served, or you need to lease additional parking spaces. Don’t make the mistake of avoiding this matter, as it can be pretty nerve-wracking and decrease the future value of the condo in general.
Conclusion
The condo life offers excellent convenience and a life in a community that attracts many people. But before you dive in, find out everything you can about down payment and other finances and ask yourself the six questions listed above. You need to carefully plan the navigation process through the complexities of condo ownership if you want to achieve peace and comfort. Otherwise, condo living might not be that convenient for you.