Finding the right condo: A checklist

There are many facets to consider when shopping for a condo. Bedrooms and bathrooms are obvious.

Buyers should consider the location of a community, the condition of the building and even the fine print of the homeowners association's bylaws and rules.

Here are factors to review when considering a condo community.

Are you satisfied with the unit features and building infrastructure?

Will the unit fit your needs? Even if you live alone, getting a two- or three-bedroom unit may be a good idea — the more bedrooms, the higher resale value you'll get. It's also nice to have a spare bedroom for guests or to use as your home office/entertainment center.

Here is a list of condo features. You can make sure the unit has the attributes that you want.

Number of bedrooms
Number of bathrooms
Condition of flooring
Condition of ceiling
Condition/age of appliances
Condition of water heater
Condition of heating and cooling system
Condition of balcony/patio, if applicable
Availability of electric auto charging stations

Determine your location must-haves

A condo and its community may be great. But a long commute adds to your daily stress, along with other factors like living next to an interstate or a busy shopping center.

Here is a list of area features that you may consider when deciding if you want to be a resident in a condo community. It may be a good idea to walk the area and find out how close you are to shopping and parks. Also, consider walking the area at night to get a first-hand look at security at that time.

Short commute to work
Numerous transit options
Proximity to high-quality schools, if applicable
Low area traffic
Proximity or absence of busy interchanges or highways
Low crime area
Community outside flood zone
Rising area property values
Affordable area

Are the building and HOA's finances in good shape?

Home and community repairs won't get done if there is little money coming into its budget. Large projects or emergency infrastructure repairs like those following a natural disaster won't start either if there isn't a reserve saved up.

Here is a checklist of things to review when you take a look at the finances and rules of a condo association.

What is the monthly HOA fee?
Do the HOA’s rules comport with your lifestyle?
Is the HOA financially solvent?
Does the HOA have a large financial reserve?
Is the maintenance keeping up with the building's age?
What are upcoming assessments and repairs?
How often does the HOA meet?
Are there HOA representatives for each condo building?
How are HOA members selected?
What kind of people are on the HOA?

Do the amenities justify your HOA fee?

HOA fees pay for the perks offered to residents. You will pay for these even if you don't use them. If you do, does the HOA properly maintain them? Also, pay attention to how much work is performed to common areas. Are the grounds well-kept? Are they too well-kept? An entrance may look inviting and well-groomed, but it will cost a chunk of your HOA fee to maintain.

Here is a list of amenities that a condo community typically offers. Walk around the property to verify if workout facilities have the exercise machines or classes you will take. Also, check out the pool area and its hours of operation and days of operation. Verify how many parking spots you are assigned, and how many guest spots there are for visitors.

How many parking spots do residents get
Gym
Pool
Playground
Common areas
Clubhouse/facilities residents can use
Storage unit availability
Vehicle charging station
Party room

What is the neighborhood outside the condo like?

What do you really want out of a condo community? A quick drive or even walk to shopping and entertainment may improve your quality of life and add to the resale value.

Here is a list of attributes you can check off when you drive around or walk a condo community. A short walk or even drive could be very valuable.

Visit day and night
How noisy is the neighborhood
Walkability score
Congestion of roads and parking areas
Accessible to transit
Accessible to restaurants
Accessible to shopping
Accessible to entertainment
Walk to area schools

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