Probably the most important question to ask when buying any property is location, location, location. Having decided this you will need to consider what type of building you would like to live in. It is important to ask the right questions before you buy anything. Here i list the top questions to ask when buying a condo in any market.
What are my choices in terms of quality to buy a condo in a central location
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You need to decide what type of facilities you are look for before buying a condo. Would like a concierge service? Would you like a swimming pool or fitness center? What is the security like in the condo?
What is the best location in a downtown area?
Condos typically are in central or downtown area of a city. This can be where most of the entertainment and cultural attractions are. You may not want to live close to nightlife because of the noise and other factors around there. There could be crime considerations and anti social behavior in some locations. Certain locations may be handier in terms of where you work. You may want to be near a waterfront or a park to go jogging.
What is the best way to shop for a condo
You need to have some basic selection criteria to filter out most of the properties e.g. the number of bedrooms, the view etc... You can use the web to filter the properties or you can go to a realtor. You can scan the newspapers. You need to consider how much times you have to search for properties. Sometimes the best way to find properties is to walk the neighborhood.
Can I buy a condo by foreclosure
If the prime consideration is price, it would pay you to look through the foreclosure listings. There are a number of ways of doing this. You can look at foreclosure auctions, get pre foreclosures or buy foreclosures from the reo divisions of a bank. You should be paying at least 20% less than the listing price for a foreclosed property.
What is the current market like
You need to know what the market is like before bidding on a property. What sort of discount should you bid on the asking price if any. How long has the condo been on the market.
What is the average price of a condo
You need to consider the average price of a condo before you start looking. Can you afford to buy a condo in this particular market?
What are the maintenance fees in a condo
What sort of maintenance fees would i be asked to pay for in a condo? You will have ongoing fees every month to live in a condo. You need to consider these before buying.
Is my dog allowed to stay in the condo
You need to consider whether pets are allowed to stay in the condo. This can be a make or break issue for most people
Will it be easy to sell my condo
Will I find it hard to sell by condo when I want to. There is no point in buying the condo if you cannot ultimately sell it.
Can I rent rather than buy
You should consider the cost of renting property before buying. Rent can be an attractive option and can be much more flexible than buying.
References
Condominium
https://en.wikipedia.org/wiki/Condominium
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