“What to know about condo living, why buy, and what to consider?”Condo living is often an only choice for buyers due to their own wants and needs. The choice to buy a condo over a townhouse or a single family home is just the first step in creating a buying profile for your purchase. The second step is to determine what type of condo complex or building you wish to own a condo and even beyond that step is determining what rights and privileges or limitations that you are willing to accept in the by-laws that governs the subdivision or complex and maybe as a final step, determining the pros and cons of the amount of the condo fees attached to each unit. It is often difficult to make a final decision about which condo to buy because there are often multiple factors to consider those changes from one unit to the next and one building to the next and one location to the next. Making a selection of a condo is closely related to the quality of life you wish to live and what is your overall budget for month expenditures. Going condo over a townhouse or single family home is not just price anymore. Truth be told, many condos are more expensive than houses especially new construction. So why buy a condo and what to consider when making a final decision?
WHY BUY CONDO?
Turn Key Peace of Mind ~ If you have an extremely busy life or travel long term a lot for work or simply have no time for yard or exterior maintenance or value the security of living in a locked or secured building, then you would be considered a Turn-Key buyer. Someone who just wants to walk out their front door and turn the key with nothing to worry about for days, weeks or even months. Maintenance Free Homeownership ~ If you would rather spend time doing anything other than maintenance or overseeing contractors or earning sweat equity points, especially yard work, then you may want to buy a condo that only requires your input on interior projects and appliances which can all be covered on a maintenance plan. Location ~ A condo will often allow you to live in an area that you would be otherwise priced out of for a single family home or townhouse. Given that with condos, you can tailor the size or age of unit or floor level to get into a location that you desire the most. It is a constant trade off of design, layout, size, floor level, fees and location to determine what is better for your purchase. Size ~ Square footage is one of the most important features when buying and selling a condo. It is amazing what can be done with just 600 or 800 square foot of space but you really need to have a good understanding of space and layout in relation to size. Layout and flow of space is just as important because a unit can have more square footage but less useable space. This is why it so crucial as a buyer to understand your needs and desires…for example if you never cook or entertain, having a large dining area and a tiny bedroom may not be the best buy for you even if the overall size is bigger. Size also relates to whether a studio, loft, Jr 1BR, 1BR or 2BR+ is best for your needs. It is fine to think about re-sale value when selecting a unit but it is smarter to think about yourself and own needs first. Mixed-Use/One-Stop/All-In-One Condo Complex ~ this is the latest rave. Developers are creating planned multi-purpose housing and shopping complexes all over the Washington metro area. This all in one mixed-use condo complex usually consist of shopping, fitness, banking and other services on the street level and condo units above. The fees are generally higher but the convenience is often worth the cost to buyers who value dropping off their dry cleaning, grabbing a bite, hitting the gym then grocery store and meeting friends in the café all just below their unit.
WHAT TO CONSIDER WHEN BUYING A CONDO?
The Condo fee is a monthly expense when buying a condo. Most often than not, the fees will go up and sometimes by a considerable amount. Fees must be paid or you can loose your unit due to none payment. The fees will typically cover the Master Insurance Policy, Trash Removal, Snow Removal, Water and Maintenance of the Common Areas. Beyond that, it is important to read the condo documents to see what else is covered in the fees. Buyers are granted 72 hours for an existing re-sale unit to read the condo documents or 10 to 15 days for brand new construction to read and review and ask questions about the condo documents (Public Offering) and by laws of the building or complex. This allows buyers to completely walk away without any penalties within that time period. Things to pay close attention to is pet policies, move-in policies, special assessments if any, financial records, management company and mail/packages policy, front desk, security, building maintenance policies. Also the documents should be researched to see if there are any pending lawsuits against the subdivision. Noise levels between units and from the common areas is something to seriously consider. If you are a light sleeper or easily disturbed by noise, then you should research the construction of the party walls and the floor and ceiling sound barriers. Other things to think about are the traffic volume which passes your unit or how close you may be to the elevators or trash shoots/ dumpsters. These are things that are often not obvious during a tour so a bit of homework, and research should be done before purchasing. Storage Space and Parking is often spelled out in the listing advertisement but it is important to make sure you know the size and location of both the spot and the storage space. Also, be sure to clarify whether it is included in the price or deeded separately. Make sure that if parking is assigned, that your vehicle can actually fit in the allotted space. If storage is provided, you should determine if it has temperature controls or free from moisture or dirt and water. Is the building a walk-up or does it have an elevator. This is extremely important based on what floor your unit is on. Keep this in mind for moving in and out as well as weekly shopping and guest or visitors that may have trouble with climbing steps. The view from your unit. It is important to have a good understanding as to how much natural light your selected unit will be getting throughout the day and what your view or lack of view is all four seasons of the year. If you are buying a unit for the view, then make sure that view will last. Again, do research to see if any new tower development projects are slated which will block your view or if newly planted trees will grow to erase your desired view or maybe the changing seasons may leave your unit more exposed then you wish in the winter or late fall. If a view is very important for your quality of life or having natural light is a must, then make sure you do your homework before signing off on the offer.
For more information about buying a condo and what to look for in the condo docs or how to evaluate and compare condo to condo and building to building, go to www.BrattonRealty.com or call John Bratton at 202-744-2642.
