It's not unusual for people just wanting to dip their toe into home ownership to consider buying a condo before their first house. Not only is it generally cheaper than buying a house, there is far less to worry about when it comes to build quality, neighborhood considerations, and property upkeep. You usually get the same appreciation benefits and you can even begin renting it out to others on a long term or vacation-style basis. Before you head out shopping, however, take heed of these considerations.
Know The Limitations
Just as there are benefits to buying a condo, it isn't exactly like buying a house. There are limitations, just as there are advantages. Knowing the limitations ahead of time will keep you from making a mistake. One of the biggest limitations comes with what you'll actually be able to do with the property. As long as it complies with zoning and construction laws, you can do nearly anything you want with your house. Want to paint that back bedroom purple? It's your call. The same isn't true in a condominium, where restrictions to modifications often resemble apartments.
Look At Service
If you were buying a house, it would be up to you to do the yard work and maintenance yourself or hire someone to do it for you. Buying a condo means you don't have to worry about this type of work. The management company of the complex will be in charge, so you need to make sure they're on the job. A lot of this can be garnered just by glancing around at the property. Note the state of the grass, the common facilities, and so on. If everything looks good, turn your attention to the inside. Ask some people who live there what they think about the maintenance crew. Does someone come out right away when something is broken. This is a small matter that suddenly becomes very important should you be faced with an issue.
Know What You're Paying
The mortgage you take out to buy a condo may not cover everything you're expected to pay for living there. The property management company may also require that tenants pay HOA fees to them on a monthly or yearly basis. This can come as a nasty surprise if you're already stretching your budget to afford the home. Before you sign away on a mortgage, make sure you know exactly how much money you'll have to come up with on a monthly basis to live there.
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