3 Factors to Consider Before You Buy a Condo

by Angie Morales-Link 01/17/2022

The process of finding the perfect condo is similar to finding any other type of home--with a few exceptions. Here are some of the key factors to consider when purchasing a condo:

Your Budget

How much can you afford to spend on a condo? Make sure you evaluate your budget to get a sense of whether you can afford a condo purchase. A good way to determine how much condo you can afford to buy is to get pre-approval from a mortgage lender.

Condo living can also include additional ongoing expenses, such as homeowners association dues. Some condo communities also have fees for maintaining public spaces and amenities. Research all applicable fees to create a more accurate budget.

Property Size and Location

How much space do you need in a new home? Think about things like your plans for family, career and lifestyle. For example, if you plan to live by yourself for the foreseeable future, you might not need an expansive 4-bedroom townhome. Conversely, if you have children or plan to, you will want more than a studio.

Location is another key factor to consider. Think about things like school districts, work opportunities and daily travel time. Do you want to be near public transportation, services and commerce? Check out the surrounding area to determine whether you're choosing a condo in the perfect location.

Condo Rules and Regulations

Condo living is different from living in a traditional house. A condo is your own property, but you will still have to follow the rules and regulations set by the property management and community.

For example, many condo owners cannot modify a property's exterior without first getting approval from a co-op board or homeowners association. This means if you want to make substantial changes like replacing windows, removing interior walls or painting the outside of the condo, you will need to seek permission. Researching the details of a condo community's rules will help you determine whether you would feel comfortable with them or if you'd rather have more freedom to modify your property.

Purchasing a condo is the perfect option for many potential homeowners. As long as you consider these key factors, you'll be able to make the best decision.

About the Author
Author

Angie Morales-Link

Military wife and mother of 2, Angie is a proud real estate agent in Clarksville, TN. She moved to Clarksville in 2016 when her husband's orders took them to Fort Campbell after completing nine years in Savannah, GA. She wanted to take her love for serving her community and renovating homes to a new level, so she decided to dive in head first into real estate. In the past six years, she has become an expert in VA home loans to help other military families, new construction homes and first time home buyers. She also invests in properties, flips, renovates, and runs Airbnb homes. She is ALL-IN when it comes to real estate and knows first hand the best approaches ensure your family makes a smart investment AND falls in love with Clarksville.