Buying a Condo: Five Considerations

Before Buying a Condo Five Considerations

Whether you are buying a condo as a first-time homebuyer, or you are downsizing from a single-family home, there is no question that buying a condo is a big deal. After all, it represents not only a big financial commitment, but also a big lifestyle commitment. So assuming we are past that, and assuming you have decided that the condo life is the life for you, here are five things to keep in mind as you search for condos.

1. Location. If you work for a living, where is your office? Where are the things you like to do, the places you like to go? Where is the nearest transit hub? All of those are questions you should ask and answer before deciding which condo to buy. Then take note of all the buildings in the vicinity, and where they are in proximity to the things you care about. If you like one condo building, but it is on the other side of town from everything you do, then is it really worth buying there?

2. Neighbors. Condo buildings often attract people in similar stations in life. While some are specifically for seniors, for example, it often happens more organically than that. So if you are a young professional buying your first condo, you may want to make sure that people of a similar age live in the building, too.

3. Association fee. The association fee is a monthly expense that you pay on top of your regular mortgage. The money goes to the association that manages the condo unit and pays for things such as insurance, maintenance and repairs. It also pays for you to access amenities such as pools, fitness rooms, and party rooms. But the monthly fee can be hundreds of dollars or more, so you will want to be aware of it before buying.

4. Security. Does your condo building require identification to gain access? Does it have security guards, or a doorman? A security system? Security cameras? Knowing the answers to these questions will give you peace of mind when you are in your condo, and even more peace of mind when you are traveling.

5. The rules. Your condo association will have certain rules and bylaws by which all residents must abide. Make sure you can live with them. They might, for example, prohibit pets over a certain size. They also may prohibit sub-leasing your condo, or renting it out. Some condo associations may hold sway over how you can paint the interior of your place, and have something to say about the type of window coverings you use, or what resides on your deck. Check out the rules before you buy, or you may find yourself in a situation that is less than desirable for your tastes.

Better Homes and Gardens Real Estate Area Leaders Broker Andy Asbury and his team are leading experts on Minneapolis condos. They know the market inside and out and have intimate knowledge of all the condo options, including The Itasca Condos in the North Loop.

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