Top Tips for Buying a Condo in 2022
Are you looking for ways to take advantage of the low mortgage rates in 2022? Do you want to invest in real estate without committing to maintaining an entire building? If so, then you need to learn all that you can about purchasing a condo.
A condo purchase in 2022 can benefit you in several ways. It can help you maximize the lowest mortgage rates in history, give you more affordable options, and give you more amenities to look forward to.
See below for an in-depth guide on buying a condo and the best tips we have for how to find the proper fit.
1. Prioritize the Amenities
In a lot of ways, buying a condo is a lot like shopping around for one to rent. You want to find something that offers the highest return on your investment.
For that reason, we recommend that you prioritize the amenities of any condo that you’re interested in purchasing.
First, take out a pen and paper and write down the must-have amenities that your condo’s complex needs to have. Here are a few questions to ask yourself as you make this list:
- Do you have pets? If so, the complex needs to be pet-friendly.
- Do they have private outdoor space attached to your condo?
- Has the kitchen been updated recently?
- What kind of flooring does the condo have? When was it last updated?
- What community features does the complex have for you to enjoy?
- Do you want a fitness center in the complex?
- Will you require a garage or some other form of extra storage space?
- Does the complex have a swimming pool for you and your family to enjoy?
Even if you’re looking to rent your condo out after you buy it, your future tenants will be asking this same list of questions when considering whether or not they wish to rent your property.
2. Know What You’re Getting Into
There’s nothing wrong with buying a condo for you and your spouse to live in. It can certainly help you avoid the huge costs of owning a house, especially in some of the hottest housing markets such as Nashville, Phoenix, Tampa, Dallas, etc.
That said, it isn’t for everyone. You must know what you’re getting into before you get in too deep. Make sure you’re thoroughly weighed out buying a condo vs buying a house.
The first thing to consider is the price. As you might assume, condos can be as much as $100,000 less than homes in the same area. This is due to their smaller square footage, fewer on-property amenities, and less personal space.
For those of you that are wanting to buy it to rent out, be aware that a condo can take a bit longer to find a suitable renter. They’re also more difficult to resell, as there are fewer interested buyers.
That said, there are also some sizable advantages. For one, they require far less maintenance than the traditional house. You can avoid such tedious tasks as mowing the lawn, cleaning the gutters, power washing your exterior, fixing leaks in the basement, and more.
3. Compare the Costs
Yes, we just mentioned that you can save as much as $100,000 on a condo versus buying a home but don’t just take our word for it. Make sure that you put in the research to ensure you’re making the best decision for you.
The price difference might not be as extraordinary as you’d think. For example, if you’re looking at a luxury condominium, then you won’t be saving as much over buying a traditional house.
That said, the community amenities of a luxury condo can be worth your while. They can give you access to such things as pools, fitness centers, dog parks, tennis courts, and more.
Make sure that you’re taking the time to put these in real dollars. How much are you saving off buying a condo with a private pool than buying a home and having one installed? The savings will astound you!
4. Remember the Condo Closing Costs
This is the undoing of most people that are purchasing a property for the first time. They’ve done all the calculations and can afford their dream condo… then the condo closing costs show their ugly head.
Even worse, the number of closing costs might surprise you. They might include such things as deposits, appraisals, inspections, legal fees, HSTs, adjustments, land transfer taxes, and more.
Make sure that you have a firm understanding of the condo closing costs from the get-go; that way, you aren’t blindsided by the extra costs.
5. Does it Fit Your Lifestyle?
Buying a condo makes sense for some people, while a house might be better suited for others; it all depends on your lifestyle.
Condos are far less maintenance than houses, so they might be better suited for single people, those that travel a lot for business, and so on.
It’s important to consider whether a condo can truly fulfill the needs you have. If not, you’ll regret the purchase and might find it hard to resell for a while. If a condo is the right fit, then you’ll have more confidence in your purchase!
Find Your Next Condo Purchase in 2022
Now that you have seen an in-depth guide on the top tips for your future condo purchase in 2022, be sure to use this information to your advantage.
Take the time to browse your website for more articles on buying a condo, as well as topics on the real estate market at large.