3 Tips for Buying Your First Condominium

3 Tips for Buying Your First Condominium

Purchasing a condo is a great way to move from a rental apartment to homeownership. You will accumulate equity by owning your living space, and you still have the shared amenities, community activities and low maintenance lifestyle of an apartment complex. Condo living is popular, and you will find plenty of options available to you. Here are a few tips to help you ace the buying experience.

Hire a Realtor Who Sells Condos

When choosing a realtor, hire one who has a successful track record of selling condominiums in your area. He or she will know the inside scoop on all the local complexes and will steer you away from the ones with community, structural or financial issues. Your realtor knows when a unit is overpriced and which ones are a great deal and will show you condos that meet your wants and needs. He or she can also help you get a mortgage and condominium insurance Grayslake IL.

Check the Fees and Assessments

As you look at the properties, check how much the association fees are to maintain the property and whether they are paid monthly or annually. Rule out any units with fees that don’t fit in your budget. If you are visiting older properties, ask if there are any upcoming special assessments planned to cover the cost of a large-scale project such as a new roof or heating and cooling system. This will prevent you from being stuck with a large unexpected bill in the future.

Consider the Amenities

A complex with lots of amenities may seem enticing at first, but consider how many of those perks you would actually use. You don’t want to be paying extra for golf course living if you aren’t a golfer or for the expense of a swimming pool if you won’t be using it.

Following these three tips will help you smoothly move from an apartment to your own condominium.

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