When it comes to buying a home, there are a variety of properties you could purchase. And that includes condominiums—more commonly known as condos. Townhomes too.
In the right situation, a condo makes a great investment and a great place to call home. But before you purchase an Arizona condo or townhome, there are some things you’ll want to consider to determine if it’s the right purchase for you.
So what, exactly, are those things? A recent video from realtor.com outlined a few key factors you’ll want to consider before buying a condo (and I’ve added a few), including:
- Maintenance is less expensive (and someone else does it)… One of the major perks of buying a condo is that your maintenance costs are generally less expensive because they’re shared. For example, if your building needs to be painted or the roof needs to be replaced, you’re not on the hook for the total cost; instead, the cost will be split with the other condo owners. Also, someone else hires and bids the contractors and makes sure everything is completed satisfactorily.
- Someone else takes care of the outside. If you’d rather spend your saturdays doing fun things instead of out with a weed eater, it’s nice that the outdoor areas are generally taken care of by the community. But this also means you have no say in if there’s grass, rocks or a tree you’re allergic to outside your window!
- …but you’ll have to pay HOA fees. When you buy a condo, you’ll need to pay homeowner association fees, which are often referred to as “HOA” fees. These fees cover certain maintenance tasks (like landscaping) as well as any amenities in the development, like a pool or tennis courts. The fees vary from one development to another, and even one unit to another, so before you commit to buying a condo, it’s important to know how much they are and work those fees into your budget.
- There are rules and regulations. Have a dog that weighs a certain amount or is a certain breed? Have a branded company vehicle? Like to fly a flag off your balcony? Want to paint your front door Pepto Bismo pink? Most condo and townhome communities have rules and regulations, known as CC&R’s ( Covenants, Conditions & Restrictions ) and Bylaws all owners and tenants must adhere to. It’s best to let your agent (raises hand) know if you have any situation that might need to be researched before you see/fall in love with a community.
- Pay attention to occupancy. Before you buy a condo, you want to make sure you’re buying in a desirable development. And one way to gauge that? Occupancy. If the development is full of other homeowners, it’s probably a decent place to live. But if there are a ton of vacant properties, it could signal some issues with the development. Also, some condos are only financeable if only a certain percentage of the units in that community are rentals. This is something you’d need to check with your lender. If you don’t have one, I can suggest several lenders who have the heart of a teacher who are fantastic at what they do and offer competitive rates. Reach out if I can help point you in the right direction.
There are many more things involved in buying a condo in the valley of the sun. Want to browse condos available and coming soon in the Phoenix Area? Click here for a link! If there’s anything you’d like to find out more about, don’t hesitate to reach out!
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