Living in a condo is surely familiar these days. It follows the general preference of modern society towards simplicity and easy living after all. You can have a park without having to be bothered by its monthly maintenance. You can have a gym without having to spend thousands of dollars on the equipment. There are fees for those facilities, of course, but they are worth it.
However, moving to a condo can be disappointing if you expect the wrong things. Therefore, here are four aspects of condo living that you must know before you decide to buy one.
The Lease Contract and Condo Guidelines
Different condos have different managements, and thus, different rules. You must not expect that there are some shared standard values among condos and go on buying a unit without scrutinizing the lease contract. Some condos grant you more freedom to improve your living space, but for a price. While others may seem too restrictive, but the cost of the units there are more stable on the market.
You need to pay attention to rules regarding home accessory installation. For instance, if you plan to add more CCTV cameras, are you allowed to do so? Or is there any specific procedure that you must go through? And if you want to repaint the wall, how should you do it without violating the condo rules?
The Future Investment Value
Even though you plan to buy the condo unit for yourself, you still need to consider its investment value. You’re buying a property, after all. And among all kinds of investment, real estate can be the safest and most profitable.
First, condos are attractive to buyers because they are placed in strategic places. If it is in a tourist attraction, then the view is the selling aspect. If it is in a business district, the close distance of the building from nearby companies is the factor that makes the condo sell. When you buy a condo, think about whether its location is profitable in the future.
Second, a condo can give you significant revenue only if you rent it out. But again, you may not be able to do so if the condo rules prohibit it. Therefore, if you are planning to rent your condo occasionally, check if such conduct is permissible in the contract.
The Track Records of the Condo’s HOA (Homeowners Association)
What’s written on the agreement may not be a reality. And you don’t want to spend money on something that will disappoint you later, do you? Therefore, you must investigate the record of the condo’s HOA. Learn their past policies and see if their attitudes and decisions fit yours.
The Plumbing and Electrical Installation
Don’t wait for problems to occur in your condo. Find them in advance by hiring professional electricians and plumbers to check the wiring and plumbing systems in your condo, especially if you are not the first owner.