Buying a condominium, or a condo, can be a first step of home ownership for many. Condos don’t require as much maintenance as single-family homes, and they are usually more affordable, which makes them appealing to millennials. They might even come with the added benefits of communal amenities and a management team that takes care of the building’s upkeep.

A condo is also a huge investment, so choosing the right one is important. There are many guides available on how to buy a condo as a first-time buyer that will make the process easier. To help start the process, here are some things you should consider when scoping out condos to buy.

1. Research neighborhoods
The location of the condo is of utmost importance. Check if it is near grocery stores and other amenities. If the condo will house a family, the proximity of schools and parks should be considered along with how safe the neighborhood is. Availability of public transport and the travel to work are also factors that should be kept in mind.

2. Condo amenities
Condos can come with communal amenities that can improve your quality of life. These amenities require maintenance fees and can take space in your budget. Make sure to ask about what amenities are offered to see if you’ll use them. Some common amenities include a swimming pool, a gym and a playground. Lately, condos have introduced amenities such as dog grooming areas, saunas, lounge areas, basketball courts and more.

3. Security
The building of each condo will have its own security system. Ask about the security measures in place. CCTVs and security guards are common ways of securing a building. Also, make sure you are aware of the fire exits and their accessibility.

4. Know the rules
Condos will usually have some rules in place to keep the residents happy. Make sure you know of them before buying as they can make or break a deal. Some condos do not allow dogs or pets of any kind. If you are a pet owner, such a condo might not be ideal for you. Other rules might be regarding common areas, repainting walls, garbage disposal and more.

5. Research the developer or property management team
It is important to research the developer of the condo. The developer or the property management team is responsible for maintaining the communal condo amenities. It would be frustrating to pay the amenities fees only to not have them be maintained properly. Research the developer’s reputation and have a look at their other projects to get a feel of their quality of work.

Consider the future
A condo is also more affordable than a house and has the added advantage of security and convenience of on-site amenities. However, it’s also an investment that needs to be thought over in a thorough manner. There are many factors that might affect your condo’s value. Buying a condo also comes with additional costs and fees that can add up pretty quickly. If your lifestyle fits with living in a condo, get started with the process of owning your own unit.

5 Things to Consider When Buying A Condo by Jamie Richardson | Realty Biz News