What to Consider When Buying a Condo Unit

Though the quintessential American dream is for one to have a house that is his own, others are content with any place that they can make their home. It won’t matter to them if their place doesn’t have a spacious yard or if their abode is not a house with an attic or a patio. They are alright with owning an apartment or, perhaps, a condo unit.

Condos or Condominiums

When you live in a busy and crowded city, it will be hard for you to purchase a house with a yard. In New York, for example, it will be almost impossible to find a nice bungalow house or any type of single-family home with an open yard. You’ll typically find apartments and condo units for rent in many high-rise buildings, and many of these are pretty expensive. If you want a house with a yard or garden, you may have to move to the outskirts of New York or to less populated areas, such as N.Y. suburbs like West Nyack.

Considerations When Choosing a Condo

There are expensive condos and affordable ones. Whatever you’re looking for, there are some aspects that you need to consider carefully. Here are some examples.

– Monthly Fees

Of course, if you are a student or a fresh grad looking for work, you cannot splurge your savings on a nice place. You need to ensure that you’re financially stable, as well as comfortable without going overboard. So, you’re foremost concern is to look for a place where you can be at ease and safe. It won’t be practical to search for a bigger place just because you’re planning on hosting lots of parties and then being thrown out for not paying rent on time. So, while hunting for your place, be sure to take note of the rent. Compare and check out the rental fees of other condos in nearby complexes. Be sure to inquire about what other services are provided, such as heating and air conditioning, because these could mean a higher monthly fee.

In case you are looking for a condo to buy, then it’s even more vital to perform a comprehensive research as regards the monthly fees for the units you’re considering, including the services offered in such places. The reason for this is that the cost of the property will have a huge effect on its resale value. Think about that especially if you’re planning on selling the property in a couple of years.

– Inspections and Disclosure Reports

Before you buy a condo unit or any property for that matter, be sure to inspect the area thoroughly. The saying, “What you see is what you get,” may not be very accurate here because there might be hidden problems that will cause you a lot of headaches or even cause you to lose money. An example is a termite infestation. If you’re only looking at how nice the cove lighting is or how exquisite the view is, you might miss the wood that’s being slowly eaten away by termites. By the time that you have finalized everything and you’re now living in your new unit, it might be too late. Damage has been done, and you’ll be blaming your oversight as you pay large amounts for termite treatments and repairs.

Therefore, be sure to inspect a house thoroughly. In case you don’t know a thing about pests or infestations, hire a professional who can give you a report. Don’t forget to ask the previous owners for any past or current problems too. You have every right to insist on disclosure reports because you should be aware of what’s good and bad about the place that you’re planning to buy or rent.

Claire Strange is a freelance writer and a homeowner. She grew up in a crowded city before she moved to the suburbs. While in the city, her family often moved from place to place, and this is why she knows a few things about Ojai condos for sale, apartments, and real estate.