Buying a condo for the first time is rewarding. Nothing can beat retreating to your perfectly located condo after a long day in your favorite location.
But there’s a lot to think about and it can be a little overwhelming, especially when it’s your first time purchasing a condo. We’ve put together some important considerations to get you started and signposted some additional guidance to help you during this exciting time.
- Your Perfect Location
- Convenience and Ease
- A HomeOwner’s Association
- Upscale Amenities
- Somebody to Answer All Your Important Questions
Your Perfect Location
If you’ve decided it’s time to escape the hustle and bustle of urban life and have your own slice of paradise, then the first thing you’ll need to consider is where in the world you want to buy a condo.
Condos are situated all over the world from Boston to the Bahamas to the beautiful island of Bermuda. Before you rush into purchasing a condo, you need to find the right one for you and your family. We know you’re not just buying a condo for the view, but also the lifestyle, culture and charm of the location itself.
Visit the condo firsthand to experience the location and surroundings to see if it’s right for you. Don't forget to have a look around the neighborhood and even speak to some of the existing residents.
Before you fall in love with a location, find out what you can afford before taking any further steps in the condo buying process. If you’re looking for some handy tips when purchasing for the first time, we have a list of condo buying terminology to know and some critical considerations for finding the right property for you here.
Convenience and Ease
When considering condos, find out as much as possible about the amenities available. Some developments offer access to swimming pools, gyms, restaurants, bars and even the beach - which is fantastic compared to buying a detached single-family home.
Typically when you purchase a vacation condo, you’ll want to rent it out so it contributes to its own running costs. If you could make the hassle of renting, vetting tenants and maintenance easier, would you? Condo hotels are worth considering as many are operated by prestigious hospitality companies like Hilton who offer optional rental programs.
The on-site management company will maintain your condo to the standards required by the branded letting program. All the hassles that come with renting out a condo are covered. You can learn more about their ease here.
A condo in a resort also creates a much closer community. Plus, there's added security as they often have CCTV and neighborhood watch schemes. Speak to your agent to determine exactly what you’ll receive if you buy a condo with them. Ownership convenience should be number one on your list.
A HomeOwner’s Association
When buying a condo within a residential community, you’ll need to join and contribute to the Homeowners’ Association (HOA) so make sure to do your research. They exist to ensure all of the shared amenities available at the condo are looked after and all homeowners contribute to the maintenance of the whole property.
Before committing to a condo, you should determine how much you’ll need to pay and what the fees will cover. You can learn the ins and outs of HOAs here.
You want to know exactly what you’re getting for your money, right? Well, before you set your heart on your dream condo, make sure to check whether it has all the amenities you desire.
If you’re aligned with the 81% of renters who think a pool is important, upscale condo hotel resorts will typically include one. If you decide to purchase a freestanding villa, you will more than likely be responsible for pool maintenance yourself, which is no easy task and can be expensive.
Resort infrastructure is maintained by the HOA and management company and covered by your HOA fees. Plus, when you’re not in residence, these attractive services will make it easier for you to rent out your condo for other visitors to have the perfect stay. These are just some of the reasons you should consider a condo hotel for your first property.
Somebody to Answer All Your Important Questions
What does the insurance cover? What are the monthly association fees? Is there any litigation? We’ve collated the ultimate list of questions to ask when purchasing a condo. Bookmark this blog for later.
Consider working alongside an experienced agent, especially if this is your first time purchasing a condo. An agent can help you find the perfect property for you and ensure they address your requirements.
Buying a condo in another country requires specialized expertise to make sure everything runs smoothly. So, find an experienced real estate agent who is licensed and understands the intricacies of buying a condo in this location. They can also answer any questions you might have.
These are just some helpful considerations to get you started - we also have a more detailed step-by-step guide. There’s no doubt buying a condo can be a great decision if you want access to more amenities, want less involvement in maintenance and want to be a part of a closer community. Purchasing a condo for the first time is exciting, especially when it’s in a desirable location.
Purchasing a Condo for the First Time? We Can Help!
Purchasing a vacation condo is a serious commitment that requires a lot of thought. You must cover all bases and make sure everything is in order before you make the move and purchase your dream home.
There are questions you need to ask yourself and education you can utilize before jetting off. So, if you think you’ll miss something out, don’t worry, we’ve got you covered. Download it below today for free and take one step closer to purchasing your first condo.