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What to Consider When Investing in a Condo

Interested in purchasing a condominium? There are quite a few things you need to consider before plunking down your cash.

The Site Matters

Agreed, you have heard this before. When it comes to real estate, nothing is more important than location. Whether you are purchasing the condo for investment purpose or your personal use, location is of utmost importance.

Location can determine the chances of the property getting sold in case you decide to sell it sometime later. Your condo should be located in an area that has easy access to public transportation. This will attract both buyers and renters. You should also find out whether the neighborhood is safe. Nobody likes to live in an area infested with crime.

Balcony

Most buyers interested in buying a condo are looking for one with a balcony. A balcony is a great place to spend some time reading or relaxing. If there is no balcony, the residents may feel trapped inside the condo. Even if you don’t want a balcony, a future buyer may be interested in this feature. So while buying the condo, make sure that it has a balcony. A condo located on the ground floor should have a patio space.

In-Suite Laundry

This is something that female buyers and renters look for. When you have an in-suite laundry, you can do your laundry in a private space. This is not a must, but it is a nice addition to any condo. Sometimes, it is possible to add this feature, so enquire about that possibility.

The 4 features listed above are the most important things to consider while buying a condo. If your budget permits, you might want to consider some other features as well.

Parking Spaces

Parking lots come at a premium. This is particularly true in the case of properties located in central locations. You condo should have its own parking lot. You will probably be able to lease it to a person who does not own a vehicle. However, reselling the condo can be difficult if it doesn’t have a parking lot of its own.

Central Air Systems

Renting out or selling your condo will be easier if it has a central heating and air conditioning system.

Secure parking

Winters in some parts of the U.S. are very harsh and that is why more and more buyers are looking for condos with indoor or underground parking. These features command a premium, and hence very few buyers can afford them. But if you can, there is no harm in buying a condo with secure parking.

Concrete building

Concrete buildings are more stable and solid. Though slightly more expensive, they are well worth the money. If your budget permits, look for a condo with concrete walls and floors. When it is time to sell, you will have no difficulty finding a buyer.

Your home or condo is perhaps the biggest investment you will ever make so do your research to ensure that you are investing in a solid project. If you don’t know what to look for while buying a condo, you should contact a real estate agent.

 

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