For young professionals, owning a condo is a huge decision. Condos provide a great way to become a homeowner without being concerned about townhouses and family homes bills. Condo residents can have the edge because the building maintenance is the condo association’s responsibility, while residents can share amenities.
What Is a Condo?
A condominium or simply a condo refers to a single unit within a multiple unit property, usually in an apartment-like building, townhomes, or freestanding homes. Although you own your unit, there are shared amenities such as pools, parks, playgrounds, gyms, and other common areas.
Due to the excitement of owning a house, young professionals often make mistakes. Here are 5 mistakes to avoid when searching for the best condos in Phoenix:
1) Failure to Consider the Neighborhood
Your neighborhood plays a considerable part in the kind of experience you will have in your condos in Phoenix. It is essential that you keenly assess your neighborhood to find out if it is suitable for you. Ensure that you find out about the safety of the place and pollution levels. It would be best if you had an environment conducive to you to live.
2) Setting Unrealistic Budget
As a young professional, you may be excited to own your condo, hence the temptation to pay for it regardless of the cost. However, it is essential to remember the rule of thumb that you cannot pay more than 30% of your income on housing. Consider other expenses such as food, gas, internet, and other bills.
3) Depending On Online Listings
Online listing is an excellent source of condos for sale. However, do not solely rely on the pictures you see online to decide to purchase your condo in Phoenix. Before putting pen to paper to signing the agreement to enter the condo, ensure that you have physically visited and viewed the condo; this will save you from falling prey to a scam artist.
4) Ignoring Current Damages
As you inspect the condo, be keen to identify any damages to the condo. Observe any signs of malfunction such as drainage leaks, ceiling leaks, and wall cracks. Failure to identify these damages means you may be held liable to do any repairs that may come up after you occupy the house. You mention what you have noted to the owner and even take pictures for evidence.
5) Failure to Look Through Your Lease
Do not rush to sign your lease agreement! Carefully read through your agreement; you can research or ask your landlord to clarify areas you do not understand. Leases are different, therefore do not be tempted to assume that you know the contents. Ensure to check the details such as length of lease and get your copy for record-keeping.
Although owning your condo can be an exciting experience as a young professional, you should pay keen attention to crucial points of concern. These include setting unrealistic budgets, basing your buying decision on online listings, choosing a suitable neighborhood, overlooking damages, and failing to scrutinize your lease agreement properly.