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I know that there are tons of condos for sale right now, so when buying one I would imagine it's important to look for one with qualities that would make it easier to re-sell in the future, am I right? In your experience, what are the most important things in a condo that make it more in-demand and easier to sell, besides the obvious location factor? It looks like a condo is my only option right now, so I want to make as good an investment as possible, which I know is hard to do with a condo right now....
Location: Moved to town. Miss 'my' woods and critters.
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Of course location is important, however it is what is within that location that is of equal importance. Such as, is the area flooded with too many other condo units for sale? And are there amenities that are being offered that are considerably greater in quality and quantity?
Are the units clean, fresh and bright? Is the 'curb appeal' factor good? what are the by-laws and how restrictive are they. And are they strickley enforced? Have many units been on the market for a lengthy period of time?
How does the asking price compare with others in the area?
One of my sons recently purchased a condo and he did have many questions that were asked and answered prior to his final decision.
The first consideration is to buy something you will be happy in...the best investment in the world makes no sense if you have to be miserable for a few years as a result.
There are a few rules of thumb. The old location truism is as true as ever. Avoid the best in the block or building. Generally the lower half does better than the upper half. Make it pretty...helps a lot in a condo...pretty sells.
In addition to things already mentioned - the monthly fees and financial health of the condo association should be taken into consideration. For example, one condo association in my area charges $140 per month and has never made a special assessment. Another association fees are $240/month and they are notorious for $3000 and $5000 assessments.
In addition to things already mentioned - the monthly fees and financial health of the condo association should be taken into consideration. For example, one condo association in my area charges $140 per month and has never made a special assessment. Another association fees are $240/month and they are notorious for $3000 and $5000 assessments.
Agreed - really check into those monthly fees. Then compare what you'll be paying each month on your mortgage (PITI - principal, interest, taxes, insurance) PLUS the condo fees. Sometimes buyers are shocked to find that the monthly payments on a small single family dwelling are less than the condo, just because of the maintenance fees, etc.
Agreed - really check into those monthly fees. Then compare what you'll be paying each month on your mortgage (PITI - principal, interest, taxes, insurance) PLUS the condo fees. Sometimes buyers are shocked to find that the monthly payments on a small single family dwelling are less than the condo, just because of the maintenance fees, etc.
And be cautious on a brand new condo. Until a couple of years after the Builder leaves it is very hard to tell what the condo fees actually are. If it is new and the fees are low be very careful. Builders often subsidize the Association while they are selling....
#2. Yes, very important to check the association fees. What did the fees start off as, what have been the yearly raises?
#3. Are there an abnormal amount of units for sale, if so inquire why? Have the condos been gaining in value?
#4. Look over the condo association share areas such as roofs, grounds, windows, drives, etc. any thing that could create an expense to the condo association.
#5. Talk to condo owners within the association, they will be the best source of information.
#6. Ask for the association balance sheet to view the expenses and most of all cash on hand.
#7. Is there a pool or lake, if so what are the liabilities to you as an owner.
#8. Is there a vacant land adjoining the project? Inquire what the plans are for this property? Commercial construction can bite into your equity.
#9. Why is the owner selling?
#10. Is there parking for guest
Hope others add to the list for you. Happy hunting and do your home (condo) work.
Location (city and if it's an apartment style condo, fifth floor or below...unless its a 5 story building lol), number of bedrooms...at least 2, low condo fees, if you can find something that has relatively low condo fees and the fees include all utilities, that's a bonus, percentage of units occupied by renters.
Also make sure it's in a good school district. Many single parents and young couples with school age children buy condos. Also end units are worth more when selling.
Miami is swamped with condo sales and you can get great prices now - I know I will sound redundant but LOCATION is the key. Oceanfront condos here have a better resale and don't expect to buy for a short period of time to make any money.
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