The Do’s and Don’ts When Buying a Condo
If you’re considering buying a condo at Park Grove that you either want to live in as your permanent residence or use for the purposes of passive rental income, then there are some criteria that you have to put in place to find a property that you can be proud of and that will give you a good return on investment. Some of the factors you will consider are that the Park Grove condo should be aesthetically pleasing and have a functional layout based on the floor plan. The home should also be in a neighborhood that works out for you and your family.
To be able to achieve these criteria, there are some dos and don’ts that you should follow before buying a Park Grove condo.
Consult with a realtor who has experience dealing in condos
There are various niches in the real estate market and real estate agents have their own specialties. A realtor with experience in pre-construction might not have the experience required to successfully close a deal on a Park Grove condo that would be to your satisfaction. It is important to engage the services of a realtor who has proven experience in transacting in condos. They will prove to be a very valuable resource in your search for your dream home. You should select one who has experience dealing in condos in your neighborhood of interest. This individual will have the background information you require for a successful transaction.
The realtor will have background information on things like finances, structure or infrastructure, and problems associated with developments in the area. And if you select one who was transacted in your neighborhood of interest then they will be aware of any legal tussles or community issues associated with the development at Park Grove.
Take your lifestyle into consideration
A large part of your quality of life is determined by whether your residence fits in well with your lifestyle. Before purchasing at Park Grove, consider the things you enjoy and whether you will be allowed to pay for them at your new condo. Some of the benefits of living in Park Grove condo are that renovations or repairs of HOA-owned facilities will be carried out by the HOA including facilities like the roof. But some of the things you will miss out on include having your own free backyard and your own set of walls that are separate from those of your neighbor, by this we mean if you’re not willing to sacrifice your privacy then living at Park Grove condo might not suit your lifestyle.
Do decide on the amenities that you want and are willing to pay for
Before selecting a particular complex to buy in Park Grove, you should make a checklist of the amenities that are important to you and that you’re willing to pay for in your new place of residence. Not all condos are built the same. Some condos might have facilities that you find unnecessary but if you do decide to purchase one of them you would then be paying monthly HOA fees for facilities that you do not need or want.
Do research on the property management company
The property management company will be your contact point once you purchase your residence at Park Grove. They will be responsible for the maintenance of amenities and communal facilities. Because they are also responsible for upkeep, they will play a crucial role in the value of your condo should you decide to sell it at a future date or put it up for rent. This company will also be in charge of maintaining day-to-day operations at the Park Grove condo and will to a large extent determine the quality of your life at your new residence.
Don’t base your decision to buying a condo on low fees only
Low HOA fees should not be the only criteria that determine where you buy in Park Grove. These fees are necessary for renovations and improvements to the property which will increase their value. A company which skimps out on these fees will probably provide you with poor services like poor upkeep or inadequate security and this will, in turn, reduce the value of your investment, making it difficult to sell it in the future or rent it out.
Don’t buy a condo in a building with a lot of renter’s
When looking to buy a condo in Park Grove, check with the property management company on how many units have been rented out. Buildings, where the majority of the residents are homeowners, tend to have better maintenance because the owners are actively involved in the management of the complex and will ensure that renovations and the day-to-day activities are carried out promptly and up to standard. Renters will not be so much concerned about these activities because they do not share ownership in the condo complex and will therefore not have a vested interest in improvements and day-to-day activities.
Do look at the neighborhood
Take a close look at the neighborhood around Park Grove and determine that the surrounding neighborhood is acceptable to you. This also includes research on the school district where the condo is located. Another factor to consider while researching on the neighborhood is the crime rate. If the crime rate is high, you will definitely want to look at a condo that is located in a different neighborhood. We also need to research on the accessibility of social amenities like parks, eating places, shopping centers, and banks. Accessibility to these amenities will go a long way in providing you with a good experience while residing at Park Grove.