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6 Things to Consider Before Buying a Luxury Condo

Condo living is on the rise. According to a survey conducted by the National Association of Realtors and the Urban Land Institute, nearly half of Americans would prefer to live in a condo or townhouse over a single-family home. Condos are an attractive option for buyers who want some flexibility and convenience, but it’s important to know what you’re signing up for before making an offer on one. Here are six things you should consider when buying a luxury condo.

Know what you want

Before you start looking for a condo, it’s important to know what kind of home you are looking for and what kind of condo you want. Do you want to live in a high-rise with views of the city? Are safety and security important to you? Do your work and play activities take place in close proximity or do they require travel throughout the city or beyond? The answers to these questions will help determine which neighborhood or building is right for your lifestyle.

You’re going to need an agent

Before buying a luxury condo, you’re going to need an agent. If you’ve never bought a condo before, or even if you have, it’s important to find an agent who understands your needs. This can be difficult because there are so many different types of real estate agents – and they all charge different fees.

Generally speaking, the more experienced and successful they are at selling condos in your area, the higher their commission will be (which means they’ll take home more money). However, most agents will offer discounts if they know that their client is purchasing something expensive.

Make sure you’re protected as a home buyer

If you’re buying a condo, it’s important to ensure that your home is protected by a variety of insurance policies.

  • Homeowners’ insurance: This covers the exterior walls, roof and structure of your building, as well as any personal belongings inside it.
  • Condo fees insurance: This protects against loss due to things like theft or natural disasters like fires and floods that affect the entire building. It also pays for repairs if someone else damages something in your unit while they’re staying there.
  • Condo unit owner’s policy: This covers losses within an individual unit caused by fire or other disasters.

Understand condo fees and how they work

Condo fees are a monthly payment that covers the cost of maintaining common areas in your building, like landscaping and snow removal. Condo fees vary from building to building and can be as low as $100 per month or as high as $1,000+. Beside the fees, you might want to customize your home and make it perfect for your needs which will cost additional money. In other words, make sure you are prepared for all the costs you will have in the next few years in your new home.

The good news is that most condos have their own websites with detailed information about their condo fees – including what they include and how much they cost. You should visit these sites before buying so you know exactly what’s included in your monthly payments.

Budget and location are important

While you may have a general idea of what you want, it’s important to know exactly how much you can afford. This will help ensure that any condo you purchase will be the right fit for your lifestyle, while also keeping your budget in check. The last thing anyone wants is to make a costly mistake when purchasing real estate.

Also, make sure to prepare a budget for moving into your new home. Whether you plan to move alone, rent a storage or hire packing services, Pro Movers Miami suggest calculating your costs in advance. Buying a luxury condo will take a lot out of your pocket, so bear these additional costs in mind.

Before making any decisions about which luxury condos are right for them, buyers should familiarize themselves with the area where their new home will be located. This way, they can get an idea of what is available within their price range and also set aside enough time for searching around town (or even online).

Get the financing in order

Once you’ve decided on a location and price range, the next step is to get your financing in order. If you aren’t pre-approved for a mortgage, now is the time to do so. You’ll need proof of income and credit score, as well as an idea of how much money you can afford each month on your mortgage payment and condo fees. If this sounds like too much work for yourself, a real estate agent can help out here by setting up appointments with banks or mortgage brokers who specialize in condos and luxury properties.

There are also some other factors to consider when getting pre-approved:

  • Is there any existing debt? Your lender will want to know about any debts such as student loans or car payments before approving any new debt from them.
  • What are my current savings? Lenders want their money back eventually. Therefore, they require that borrowers have some savings built up in case things go wrong. They will look at all sources of income when determining whether or not someone qualifies for financing.

When it comes to the budget, keep in mind that you’ll probably have additional costs while moving into a new home. If you plan to live in your new condo, you will need to organize a safe transport of your items by hiring residential movers. This process often has unexpected fees and additional costs, so make sure to create a budget on time.

Do your research to make sure it’s a sound investment

Before buying a luxury condo, here are a few more things to keep in mind:

  • Research the neighborhood. Is there public transportation nearby? Are there restaurants, shops and other amenities within walking distance? Or will you need to drive everywhere for everything – and how much does that cost? Is it safe for children (or dogs)?
  • Research the condo association. What sorts of rules does it have regarding pets and noise levels, smoking policies, parking privileges and maintenance issues? If anything goes wrong with your unit who will fix it – you or them?

Before you buy a condo, do your research to make sure it’s a sound investment. You can also organize an inspection and learn more about the future property maintenance. This will help you set your budget and decide whether your money is worth investing.


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Finding the Sweet Spot: How to Determine the Right Price for a Condo in Florida
About the Author

Kaya Wittenburg

Blog Author and CEO

Kaya Wittenburg is the Founder and CEO of Sky Five Properties. Since the age of 10, real estate has been deeply ingrained into his thoughts. With world-class negotiation and deal-making skills, he brings a highly impactful presence into every transaction that he touches.

He is here to help you use real estate as a vehicle to develop your own personal empire and feel deeply satisfied along the way. If you have an interest in buying, selling or renting property in South Florida, contact Kaya today.

Feel free to call me at: (305) 357-0635
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