ERA Real Estate
Joyce Torelli - Broker, Real Estate Consultant, ERA Real Estate Phone: (508) 380-5229
Email: [email protected]

Key Factors to Consider Before You Buy a Condo

by Joyce Torelli - Broker, Real Estate Consultant 11/21/2022

The process of finding the perfect condo is similar to finding any other type of home--with a few exceptions. Here are some of the key factors to consider when purchasing a condo:

Your Budget

How much can you afford to spend on a condo? Make sure you evaluate your budget to get a sense of whether you can afford a condo purchase. A good way to determine how much condo you can afford to buy is to get pre-approval from a mortgage lender.

Condo living can also include additional ongoing expenses, such as homeowners association dues. Some condo communities also have fees for maintaining public spaces and amenities. Research all applicable fees to create a more accurate budget.

Property Size and Location

How much space do you need in a new home? Think about things like your plans for family, career and lifestyle. For example, if you plan to live by yourself for the foreseeable future, you might not need an expansive 4-bedroom townhome. Conversely, if you have children or plan to, you will want more than a studio.

Location is another key factor to consider. Think about things like school districts, work opportunities and daily travel time. Do you want to be near public transportation, services and commerce? Check out the surrounding area to determine whether you're choosing a condo in the perfect location.

Condo Rules and Regulations

Condo living is different from living in a traditional house. A condo is your own property, but you will still have to follow the rules and regulations set by the property management and community.

For example, many condo owners cannot modify a property's exterior without first getting approval from a co-op board or homeowners association. This means if you want to make substantial changes like replacing windows, removing interior walls or painting the outside of the condo, you will need to seek permission. Researching the details of a condo community's rules will help you determine whether you would feel comfortable with them or if you'd rather have more freedom to modify your property.

Purchasing a condo is the perfect option for many potential homeowners. As long as you consider these key factors, you'll be able to make the best decision.

About the Author
Author

Joyce Torelli - Broker, Real Estate Consultant

Joyce Torelli, Broker - Realtor Consultant 508-380-5229 [email protected] 

CRB, ASR(Accredited Seller Representative), CBR, SRES www.JoyceTorelli.com Please see a few of the Google reviews that recent and past clients have been thoughtful to leave, as well as some written testimonials attached. Top 3% of 375 Professionals – 15 ERA Key Realty Offices.

“I am currently a longtime resident of over 30 years in Marlborough, MA, but mainly grew up in Hudson MA. Later, I had the opportunity to live in various towns in and around the Middlesex County area (Acton, Bolton, Framingham, Hopkinton,) as well as in the Netherlands, Europe. Bringing understanding, insight, and strategy on the home sale marketing and sale process is critical. With over 30 years of experience, I have helped hundreds of homeowners get their home sold for the very best price and terms with the least inconvenience, with skill, caring, and a marketing plan tailored to their needs and their home! My buyer clients benefit from the same 30 years plus of experience of positioning their offers to meet with success in getting accepted, which has resulted in many happy home buyers.