Monday, May 12, 2014

Condo Buying: Four Mistakes Every First-Time Condo Buyer Should Avoid

Prime location, no exterior maintenance, community amenities, these are just some of the top attractions of a condominium lifestyle. Majority are in the heart of the metro conveniently situated near office buildings, shopping and entertainment centers. There is basically no yard work for the owners – everything is taken care of by the condominium association. Not to mention, access to swimming pool, gym and fitness facilities or tennis courts, who can turn that down?

What Are The Common Mistakes Of First-Time Condo Buyers
Just like purchasing any real estate property, buying condos require careful consideration especially if this is your first-time to do so. Learn the common mistakes committed by first-time buyers. Use them as a guide before making a final decision.
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1.       Buying the first unit you see. You notice an ad on Facebook or on a local newspaper and it screams limited offer only! You decide to check it out. It speaks luxury and the realtor is pretty convincing during the showing that you are almost 100% sure this is exactly what you need. Should you grab the opportunity and make an immediate offer else let another person defeat you from doing so? Definitely not! Do not be easily overwhelmed with what you initially see or hear. Focus on your goals and find other alternatives so you can make detailed comparisons and sound assessments that will fit your lifestyle best.

2.       Assuming that the cost only covers sale price. While condos tend to be more affordable compared to single family homes, the cost of condo ownership does not stop on the unit price alone. There are fees for insuring and maintaining the shared areas, payments for electricity, water and cable as well as special assessment charges for emergency repairs and project improvements.

3.       Not checking the rules and regulations thoroughly. Every management has its own set of restrictions and conditions ranging from simple renovations and personalizing your living space to pet ownership and availability of parking space. If you’re thinking of renting out your space sometime soon, there are certain guidelines too for follow through.  It will be wise then to know the extent of these limitations so you will be properly guided how workable they are in terms of your personal taste and preference.


4.       Focusing on the present only. Suppose you are eyeing a one-bedroom Mckinley Hill condo for sale. It is near your workplace and it fits your needs since you are single and focused on your career at the moment. One mistake is concentrating solely on your present situation and not considering future scenarios – moving in with a partner, growing a family, transferring to a new job location, renting it out or re-selling it in the future.