Whether you buy condos as your current real estate investment, or for yourself, there are things that should always be considered. Some of us feel condos are a great investment for many reasons. See if the pointers we offer help you decide what you should do.
Some things you will need to help you in your search may include the Internet, a real estate agent, your financing if you are not paying cash, some time and patience.
To buy condos as a real estate investment, or for your residence, look on the Internet to see what condos are available in your area of interest. Once you are sure which area you want to check, you need to actively look at the condos you think will meet your needs.
Get a real estate agent to help you with your condo search. You need to learn what the monthly condominium fees are, and what is included. Will you have a separate water bill? Is cable included? What about extra parking?How much parking is included? Often a real estate agent will have these answers and can save you time.
Before you buy a condo check for deferred maintenance. Drive through the condo complex and the nearby area. If the complex looks as if maintenance if being deferred, you may want to cross this off your list. If it looks very tidy and well cared for, but the area surrounding it is not what you want, you may want to skip this one.
If you think you will buy a condo, check online for property tax records for the complex. You can determine from this information how many units are owner occupied. Also, you can see what the taxes have been for the last few years. Remember that any real estate purchased is an investment on some level.
Once you find a condo you may be interested in, you can have the real estate agent question any recent or upcoming special assessments. What are any major renovations planned that may not be covered by Home Owner’s Association fees? The real estate agent may help you determine is a property investment in this area is a smart choice.
When you buy a condo, do you want one that allows pets? Ask who the residents are in the condo complex you are considering. Do you care that everyone there has at least 5 kids, and tons of pets? Were you looking for a pet free area where everyone is an adult? These are important things you must ask about before you buy!
If you want to buy condos as rental investments, find out what rentals are going for in the area. One of the best things about condos as rental property is that exterior maintenance is taken care of for you. Also, the Home Owner’s Association restricts noise, parking on the lawn, the number of pets, cars and occupants! These things are important not only for your living circumstances, but for your financial investment as well.