Buying a condo is a great way to step into homeownership and invest in real estate without worrying about all the upkeep of freestanding houses. Condo dwellers can also take advantage of shared amenities, plus having professional management handle building maintenance. However, condos may not be for everyone, so would-be condo owners should figure out their lifestyle and budget needs before signing on the dotted line.
A condo is a unit within a multiple-unit neighborhood and resembles an apartment. It is one of many units in a shared structure, such as a high-rise building. Owners own their unit instead of renting it and share common areas and amenities of the community with neighbors.
Are you thinking about buying a condo this year? You’re not alone. 2020 was a record-breaking year for the U.S. housing market, seeing a 6 percent jump from 2019 sales. Here is a quick guide to buying a condo in 2021.
Work with a Realtor with Condo Experience
If you’ve decided that buying a condo is for you, you’ll want to work with a real estate agent who has experience working with condos. Ideally, you’ll want to work with someone who can address concerns you might have and guide you through essential condo-buying steps, like reviewing any condo association documents and guidelines.
It’s also just as important to work with someone who has knowledge of condo insurance, such as your local Dayville Condo Insurance providers. Working with a real estate agent who can direct you to the right coverage for your condo is helpful, but you can still research this on your own. Having condo insurance is like homeowners insurance and protects you and your belongings inside your unit from fire, theft, or natural disaster.
Decide on Amenities
Condos can offer a wide range of amenities, so make sure to address the kinds of amenities you want to live with, in addition to other components, such as location and budget. You’re buying admission to things like basketball courts, parks, grills, and more when you buy your unit, so don’t be afraid to put them on your housing wish list. Even if there are amenities available you don’t plan on using, such as a pool, it may still be worth having because it can have a higher value when you resell.
Research the Property Management Company First
Understanding who will oversee the property’s upkeep is essential since you want the condo you buy to be in great shape. It is frustrating to pay association dues to have the grounds be unkempt and amenities run down. Poor management can affect your property’s value as well or even push your HOA dues higher.
Review Any Fees and Regulations
Besides your mortgage, you’ll need to pay fees toward the condo association for things like the property’s upkeep and amenities. Review those fees and what’s included to make sure you’re aware of everything you’re paying for.
It’s also helpful to ask about the condo community’s regulations, such as noise restrictions or where to park. Understanding these regulations ahead of time helps your figure out whether the community you’re looking at is the right one for you long-term.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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