Is a condo right for you? Condominium sales have increased in many parts of the country. The three largest groups of condo buyers are people buying real estate for the first time, couples whose children have left home, and retired people buying in a retirement community or buying a vacation home.
There are several things to consider when investing in a condo, no matter where it is located or why you are making the investment. In some condo communities, you will share the facilities of the common areas, e.g. hallways, parking spaces, storage areas, clubhouses, swimming pool, and tennis courts with other residents. Therefore, you want to buy a unit in a community where these facilities are properly maintained and secure.
Is a condo right for you? Another consideration is the added cost that comes with owning a condo. Most condos charge a monthly Homeowners Association (HOA) fee and condo fee that covers upkeep and repairs. Fees of this nature usually cover such things as water, trash disposal and general maintenance of the common areas. In most cases utilities are not included in the HOA monthly fee. You want to find out the average monthly cost of these added expenses. Utility costs can vary widely between communities, so take this into consideration before making an offer on a unit in a particular condo development. Inquire whether what fees are required in the condo development where you are considering.
One benefit that you may enjoy from owning a condo versus owning a home is that you may have additional security depending on the condo development. Many condo communities offer gated entryways, 24 hour personal security guard and locked buildings with a visitor call box.
Is a condo right for you? When you are ready to invest in that condo unit give Adolphus Hawkes Realtors a call to discuss your purchase or resale. We are always available to offer our knowledge, expertise and personal touch so you can meet your sales objective.