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5 Questions to Ask Before You Buy That Condo

There are many good reasons to buy a condo. Condos can be an inexpensive way to own a home, especially if your heart is set on owning property in an up-and-coming neighborhood. And the condo lifestyle can be quite enjoyable with a lot of the work of home ownership handled for you and often extra amenities on site

No matter the reason, if you’re looking to invest in one of the condos for sale in Colorado, there are a number of questions you should first ask yourself. In my experience, too many people rush into buying a condo because they fear missing out on a good deal. Before you make this important life decision, you should carefully consider asking your Realtor, your future neighbors and the condo’s homeowners’ association these questions:

What are the most significant complaints?

The condo lifestyle is certainly appealing, but no one wants to have to constantly deal with issues. Talk with current owners to find out what the biggest complaints are. Location, the condo’s features and good neighbors are all important when you’re considering a property to buy. However, you must also seek condos for sale in Colorado whose associations are responsive to complaints and are quick to resolve them. It is vital you find out how quickly the condo’s association satisfactorily addresses issues before you sign the paperwork.

Is management responsive?

Lousy management can spell disaster. The condo complex may have all the features you desire, but if it isn’t managed well, you might find yourself in a hellish situation. Have a chat with the condo’s full-time manager if there is one. Also, ask the neighbors about their thoughts and personal experience. If the condo is managed by the residents themselves rather than by a professional property manager, think hard about whether you’re fine with moving into a self-managed community.

What are my storage options?

In a condo, there often isn’t much space in which to store stuff like winter gear, sports equipment and the like. Find out if your condo comes with separate personal storage options for things like bikes and large luggage. When considering condos to buy
in Telluride CO, ask upfront if you’re entitled to separate storage to avoid any confusion later on.

What are the community’s rules?

Every community will have slightly different rules. It falls on you to familiarize yourself with them. For example, some communities will allow pets, while others won’t. Some may allow you to sublease your unit; others may have a strict policy against doing so. Familiarize yourself with the rules before you commit yourself to your condo purchase.

What if I need to move in the next five years?

Single-family homes typically appreciate faster than condos. Market prices will impact on whether you can generate enough of a profit when you sell. Ensure that you are committed to living in this community before you decide to buy.

Buying a condo can be very exciting, but it’s essential you go into homeownership with your eyes wide open. Always do your research and stay fully informed. These details will together determine whether it’s worth finalizing the purchase of your dream condo.

Interested in condos in Telluride CO? Explore your options in Telluride, CO real estate with the best Realtor in the area. For over 29 years, Jim Lucarelli has provided the best real estate service in town. Get in touch with us today by calling 970.728.0213, or send an email to jim(dotted)lucarelli(at)compass(dotted)com.