Are you looking for a place to live that fits your budget and needs? Do you wonder what the going rate is for a small amount of square footage in Massachusetts? If so, then you need to learn all that you can about looking for condo for sale playa del carmen.
Fortune favors the wise. Those that take the time to consider their options, get great insurance, and create an effective budget can grant themselves a tremendous opportunity for growth.
See below for an in-depth guide on how to find the perfect condo for your needs, budget, and for how you intend to use it.
1. Create a Practical Budget
In many ways, creating a budget is like Goldilocks and the three bears. If you set the budget too high, then you might be committing to a mortgage that’s too high for your income level. But if your budget is too low, you’re probably not going to find condos that you’re excited about purchasing.
There are many different factors to consider as you make a budget, such as your annual income, the insurance that you’ll pay, closing costs, and the monthly cost of the rent.
First, start by taking a look at the marketplace. Get as specific as possible with your search, such as the number of rooms/bathrooms, square footage, pets, location, etc. Look into the price of those condos and configure the average price for them.
This will give you some wiggle room as you shop around. You can look for a house that fits all your needs while also fitting comfortably within your budget.
Having a budget can also hold you accountable in negotiations. You’ll have more confidence in the parameters you set for the seller. That way, you can save more on your purchase.
2. Factor in the Insurance
Being a condo owner has just as much risk to it as being a homeowner at times. Are you protected if someone were to get injured while walking through the common area next to your new condo?
Generally speaking, condo complexes have insurance in place to help with these situations, but certain situations may arise in which you’re deemed at fault. For example, if someone trips over your child’s bike that was laying down in the common area in front of your condo.
Condo master insurance policies are handled by the condo association. It gives you property and liability coverage. This is a necessary form of insurance, regardless of how many unit owners are inside the complex.
This master insurance policy carries protection for things like:
- General liability: protection for any injury or property damage that you’re legally responsible for.
- Property insurance: Protection for any loss or damage that occurs on the building, outdoor fixtures, outdoor structures, or completed additions to the complex.
- Coverage Enhancements: water backup of sewers and drains, equipment breakdowns, floods, earthquakes, blanket insurance, etc.
Make sure that you also have your insurance in place. Don’t ever depend on the condo association’s master insurance to cover you. Make sure to factor this cost into your budget as you shop around.
3. Consider the Amenities
Just as if you were shopping for condos to rent, you always want to consider the amenities that each complex can offer you. It’s important to look at those that are in-unit, as well as community amenities.
Nothing is off-limits here. If you have certain amenities that are “must-haves” on your list, make sure your agent is aware of that from the get-go. Not sure what you want? Your agent can help you there as well.
You’ll also want to consider how other people perceive certain amenities as well. For example, even though a community pool isn’t high on your list, it is for most people. Not having one could be problematic if you ever look to rent it out or resell the condo one day.
Some popular condo amenities to look for include community pools, private porches, renovated kitchens, in-unit appliances, pet-friendly units, and more.
4. Always Weigh the Negatives
You should always be realistic about any condo you consider. Just like any other real estate investment, there will be some negatives to the condo you buy.
For example, are you going to be paying for community amenities you never plan on using? When was the last time the kitchen was upgraded? How old is the HVAC system? What are some of the most common complaints you found on the complex’s online reviews?
This shouldn’t hinder your excitement about investing in your dream condo. It just helps set realistic expectations for the condo you purchase.
5. Learn the Details of the HOA
As helpful and incredible as HOAs can be, they can also be quite specific about what you are and aren’t allowed to do as a condo unit owner in their community.
Make sure you understand the rules of your HOA way before you consider buying it. Can you see yourself meeting their criteria? Are you willing to abide by the rules and regulations they’ve put into place? If not, the result can be hefty fines.
Also, look into the price of HOA fees. They tend to climb over time, so be aware of how the fees have risen over the past few years.
Invest in Condos for Sale for Your Future
Now that you have seen an in-depth guide on how you can search condos for sale and find the perfect fit, be sure to use this information wisely.
Take the time to browse our website for more articles on condos, as well as many other topics that you will find insightful.
