5 Tips for Buying a Condo in 2020

by Dannea Movena

Investing in a condo unit is not that simple. There are more factors to consider than meet the eye - down payments for condos are different, sharing a building with others comes with its own concerns, and more. Getting ready to purchase? Here are our top 5 tips to consider before buying a condo.

1. Check if living in a condominium will fit your lifestyle

Even if you are not so fond of mowing your front lawn, you will have to if you have a driveway. You will also have to maintain your backyard on your own.

Don’t want to do this or don’t have the time? A condo unit would be a nice fit for you as a home. If you are fine with sharing common areas with other people and sharing a wall with your neighbors, you may be ready to invest.

2. Research the property, property management company, and HOA

It is necessary to have enough information about the property and its management. It’s impossible to guarantee that you will be making the right investment, but thorough research will get you close. Ask your questions about property management directly during open houses or showings. Be sure to ask about homeownership association fees and request a copy of the rules or bylaws.

3. Inquire about any special assessments 

Get a full view of everything included in your condo investment, both for the present and for the future. Ask about any special assessments planned for the building. Not all have this, but it is common for a condo association to have special assessment funds. This type of fund is for significant projects voted on by community members.

4. Ask if it is an FHA-approved unit

Check if the unit is approved by the FHA. They provide a list of the condo properties approved on their website. Be aware of the mortgage options for the unit, as well as what lenders will require from you.

5. Hire a professional

One of the smartest ways for you to make the best investment is to work with an experienced real estate agent who specializes in condo units. You’ll be able to benefit from their experience, and they’ll help you avoid common pitfalls in the buying process.

About the Author

Dannea is a content developer and entrepreneur who runs a content writing business. She is fascinated with data, marketing, and web content writing.