Owning a condo unit is becoming a trend these days, primarily for two reasons: First, it’s the more affordable choice for people transitioning from living with family or renting to having real estate that they can truly call their own. Second, since most condos are located in areas near commercial districts, those wanting easy access to these said districts will be interested in living in these condos.
If you’re currently scouting for your very own condo, keep in mind your lifestyle, budget, needs, and wants. These will guide you in choosing the perfect condo. For a more detailed guide on buying a condo, read on.
Find the right location
As mentioned earlier, there’s a lot to say about location being a major factor in choosing the condo to purchase. See what’s near and around the condo building, as well as its proximity to your workplace. Consider the traffic situation, as well. Note that apart from convenience and accessibility, property found in a good location can also expect a higher value in the long run.
Review the condo rules and regulations
Every condominium building or development is governed by a set of Covenants, Conditions, and Restrictions. These rules cover a variety of conditions such as noise levels, remodeling projects, pet ownership, and more. Since rules and regulations differ for each condominium, it’s important to take a look at these first before making a decision.
Inspect the common areas
Condominiums have a variety of common areas such as a gym, swimming pool, and patio. Checking the condition of these common areas can tell you how well-maintained they are and how on top of things the condo owners’ association is.
Learn more about a potential condo by asking the right questions. Here’s what you should ask:
- What’s included in the condo fee?
The condo association is tasked with landscaping and building maintenance, as well as upkeep of common areas and amenities. It typically charges a monthly fee for these services. Knowing what’s included in the condo fee can tell you if these added costs are worth it or not.
- Is there parking?
One of the important features that condo buyers look for is parking space. While doing research on a potential property, ask about the number of parking spaces available per unit and if these need to be purchased.
- Are there restrictions on renting the unit?
If you’re looking at the condo as an investment, learn about its terms, conditions, and restrictions. You want to make sure that you can rent out your unit without any issues.
- Are there special assessments or planned projects?
Reviewing the building owner’s condo documents will reveal any future project in the works. If there’s a significant project being planned for the whole condo complex, a fraction of the financing will come from the special assessment fee. This is incorporated in residents’ monthly dues on top of the association fee.
Work with an experienced agent
As with any real estate transaction, it’s important to work with a real estate agent who has experience with the kind of property you are interested in. The right real estate agent can help you find a condo that fits your lifestyle and address any concerns that you have.
Discover the perfect condo for sale in La Quinta, CA with me, Kathleen O’ Keefe Galigher. As one of the top La Quinta Realtors, I am more than happy to assist you with your condo-buying journey. Get in touch with me today by calling 760.567.7822 or by sending me a note here.