Condo Buying Guide

So, you’ve finally decided to fulfill a lifelong dream and buy your own condo… how exciting! You are ready to fulfill your dream of having a place to call your own.

Buying a condo is one of the biggest emotional and financial decisions you’ll ever make. Prepare by learning about the process of condo buying and the responsibilities of condoownership. The differences between renting and buying a condo are vast, and there’s a long list of pros and cons for both options. And, remember — there is no one best decision for everyone. Before moving forward, though, here are some questions to consider.

• Do you have the necessary financial management skills?
• How financially stable are you?
• Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance?
• Are you able to devote the time required for home maintenance?
• Do you need Parking?
• Do you want to own your parking space?
• Are excercise facilities available?
• Does the unit include a storage unit?
• What are the condo fees?
• What kind of insurance do I need?
• Are there any special assessments?
  

There are pros and cons for both renting and buying. Everyone must make his or her own best decision. Buying a home is not for everyone. Take a moment to think through the advantages and disadvantages of both owning and renting.

If condo ownership is for you, you must be both financially and emotionally ready. Buying a home isn’t only about money. You should listen to your heart… and take an honest look at your lifestyle.