Are You Thinking About Buying A Condo?

Have you thought about buying a condo?

Maybe you are making your first home purchase or you are downsizing your home.  Whatever your reason, you really need to take into consideration all aspect of living in a condo before you decide to buy.  Right now in Northern VA, there are a lot of new condominium properties that are sprouting up in the area that offer great amenities to their residents.

Below are items that you need to take into consideration:

• Location. In urban markets, buying a condo can often make the most sense, since single-family properties might not be readily available. In other, most suburban markets, single-family dwellings may be abundant and a better fit for the demographic.


• Lifestyle. Are you looking to downsize? Are you just starting out, with no kids on the horizon for a few years? Or perhaps you’re a professional with a busy life that doesn’t allow for a lot of home maintenance. Any of these reasons could drive a decision to purchase a condo, where association fees could cover every aspect of maintaining your home, from landscaping to plumbing to appliance repair.


• Associated Costs. If you are planning to buy a condo, it’s important to take into consideration that one you’ve made your down payment, you will not only need to make monthly mortgage payments, but you will also need to pay association fees to support maintenance and facilities. It’s important to look at the entire financial aspect upfront.


• Features. Condos often come with features that you might not find in a single-family house – such as swimming pools, tennis courts, clubhouses, exercise equipment, and other shared facilities. On the other hand, if privacy is a high priority for you, you might prefer living in a detached property.


• Autonomy. Condos sometimes carry restrictions in terms of remodeling and decorating both the interior and exterior of individual units. Before purchasing a condo, you’ll want to carefully evaluate the conditions that apply to the building that you will be living in and make sure you are comfortable with all of the association’s rules and regulations.


• The Neighbors. If you buy a single-family home, you’ll have some space between yourself and your neighbors. In a condominium complex, neighbors will be much closer – perhaps even sharing walls with you. You’ll want to do your research about what sort of people will be living alongside you. Compatible neighbors could be a huge advantage.


• The Market. Another aspect of your home purchase to consider is the state of the housing market in the area where you are planning to buy. Your real estate agent and lender can both help you determine whether sales on condos or single-family properties are a more lucrative investment. Looking at the history of appreciation (or depreciation) values in your market can help you determine which long-term investment will be more profitable down the road when you decide to sell.

via Is a condo or house the right choice

Condo living is great for many people as long as you understand what you are getting into.  The biggest concerns that our clients have when looking at condos are the association fees.  You need to make sure that you have your eyes wide open when deciding to purchase a condo and budget these fees accordingly.