Once you decide that you want to live in a condo, you will probably be looking for an affordable unit that is well below your maximum budget. If you still have a decent-sized list of wants and needs, you may need to be patient with shopping and must be willing to make a sacrifice or two.
While some features and qualities may be absolutely essential, you should know about some of the small trade-offs that you can take on that will help you buy an affordable condo.
Parking
An ideal parking setup in the condo that you buy may include a heated and secured parking garage that keeps your vehicle safe, clean, and warm at all times. This would help you avoid things like having to clean snow off your car or walk to your vehicle in freezing temperatures.
While you may like these features, you will have a chance to take on many trade-offs with parking to help you save money on the condo purchase price. For instance, you can skip the parking garage altogether and prioritize units that only have a dedicated parking spot instead. If you are not willing to make that large of a trade-off, you can move your demands up to a covered parking spot that provides your car with decent protection throughout the year.
Laundry
When you imagine yourself living in a condo, you may picture having a laundry room or a closet where the laundry appliances are located. While it is more convenient to do laundry in your own home, you will find that these units are often more expensive. This is when you should look for potential trade-offs such as getting shared laundry facilities on the same floor.
Some condo communities have shared laundry facilities in areas that are more accessible to all residents, but focusing on condos with a facility on each floor will make it quicker to do your laundry and will help you save money.
Amenities
If you want to minimize how many trade-offs you have to make with the condo itself, you should look at the community amenities for making sacrifices. Finding a condo community with limited amenities helps you save money on the purchase price and on the HOA fees. The lower monthly HOA fee comes from having fewer amenities which require less maintenance .
Going condo shopping with these kinds of trade-offs in mind will help you buy an affordable condo.
For more information on property for sale in your area, talk to a local realtor.
When you are faced with a down market, there are a lot of things that can run through your mind as a homeowner. If you had to sell, would you be able to make your money back? What will you do if you have to sell your property at a loss? Do you think you are ready to buy a new home?
Although there are a lot of things that are important to think about, the fact of the matter is that understanding real estate challenges is instrumental to making money with your property. From moving forward with new ideas about real estate to working with the right professionals, it pays to read up on the market. Learn more today!