Condo basics and what to look for18 Jul Johnny Devora
All things real estate, location location location.
Most condos are located in central urban locations high density and highly desirable areas, allowing people to live closer to crucial infrastructure, employment, entertainment and the opportunity to live in areas they couldn’t otherwise afford.
Always look into the schools, transportation, entertainment, and potential noise and air pollution. Also important to think about the future development and property appreciation.
Few can afford their own tennis court, swimming pool, or fully equipped gym, moving into a condo allows you to take advantage of the common areas and amenities of the entire community. It's important to compare different buildings and find amenities that you'll actually use. You’ll find many developments cater to specific ages, lifestyles and demographics.
Cost (HOA dues):
Condo living can seem expensive and complex compared to standard detached single family home. Condo fees vary widely based on a range of criteria, including the building age, building size, and number of amenities. Older buildings will often be more expensive due to an increased maintenance schedule, with smaller buildings also more expensive due to reduced economies of scale. Always compare condo fees in relation to the amenities available and check for an adequate contingency fund in case extensive repairs are needed in the future.
It's important to analyze the physical condition and financial health of the condo building
review the annual financial statements, review building plans and amendments as well as complaints and litigation.