Buying Your First Condo? Here’s What You Need to Know
First-time condo buyers may be taken aback by the many factors that need to be considered. A condo is different from a house. Unlike a standalone home, you’ll probably share walls with your neighbors in addition to other physical features. So, before finding out how to buy a condo for the first time, let’s first determine if a condo is right for you.
Condos, an abbreviation for “condominium,” refer to individual dwellings in complexes comprising several residences, such as apartment buildings, freestanding homes, and townhouses. It could be a part of a larger complex, like a high-rise building, or a much more intimate cluster, like a walk-up with only two or three other units.
Is condo living right for you? If you’re a city dweller, a condo might be perfect. But there are some things you need to consider before taking the plunge.
Things You Should Know About Condos
To make a good decision regarding purchasing a condo, you need to know exactly what you’ll be getting. Your apartment is your own personal property, regardless of the size of the building or land.
In addition, with your neighbors, you jointly own a pro-rata portion of the community’s common areas and amenities, including parks, swimming pools, playgrounds, fitness centers, walking dogs, and other open spaces. This also applies to the ground beneath the building.
Condo associations are typically in charge of overseeing shared spaces in condos. In most cases, the association serves as the supervisory board and employs a property management business to take care of maintenance, resident communications, and other responsibilities.
How to Buy a Condo for the First Time
You should know several things before purchasing a condo, just like with any other kind of home. There are certain additional details and unique considerations that you might not always encounter with other types of residences. Here are some things you may do to get ready to buy your first condo.
Ensure Your Finances Are in Order
If you’re thinking of buying a home, you must have your finances in order first. Many of the same mortgage programs available for single-family homes are also available to condo buyers. However, there may be some additional requirements to meet.
Condo loan candidates may need to meet additional standards from lenders. For instance, you might need to have more cash on hand or a bigger down payment. You should begin saving early for these costs to be eligible for the loan.
When considering these factors, preapproved for a mortgage is essential when purchasing a condo. After getting preapproved, you’ll know exactly what you can afford and can browse with complete peace of mind.
Learn About the Amenities
The asking price of certain condos may already include extras like a parking spot, a storage locker, or the use of the building’s private swimming pool or fitness center. Inquire about the home’s features before you commit to buying it so that you know exactly what you’re getting for your money. You’ll have to factor that extra expense into your monthly budget if your mortgage does not cover it.
Read Up On HOA Fees and Rules
Homeowner’s associations (HOAs), collective organizations responsible for managing the community and property, are present in almost all condo buildings. Property buyers in the community are expected to follow the HOA’s rules and contribute to the association financially.
These assessments often cover costs associated with maintaining the building’s exterior, common areas, and shared amenities. Finally, before committing, it is important to check the property standards to ensure that you are comfortable with all the rules (such as those pertaining to dog breed limits or renovation and construction constraints).
Make Sure It Matches Your Lifestyle
Condos are very different from one another. They may have a suburban, down-to-earth atmosphere and offer access to either community or private lawns. They might also provide views of a city’s skyline from a high building. Some condo structures have a small number of apartments, while others are more crowded.
Early on in the condo hunting process, think about the lifestyle your new home should provide. Consider things like outdoor areas, facilities, pet policies, swimming pools, and other extras that will make your apartment feel like your ideal home.
Find Your Dream Condo in Denver’s City Park West
The Arbory is located in the heart of one of Denver’s most desirable districts, City Park West, and boasts an exceptional location between City Park and Uptown, equidistant from downtown and Cherry Creek, and close to both Cheesman Park and the Denver Botanic Gardens.
Benefit from this once-in-a-lifetime chance to acquire one of the 41 condos in this prestigious neighborhood, where you can live, work, and play all within walking distance of each other and from everything else in this vibrant, historic district.