5 Traps to avoid when buying a condo

If you are looking for a condo this spring then you must read this article. Not all condos are made the same, make sure you do your research and avoid these common traps.

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1. Developer experience

In recent years the condo industry has boomed. The problem with a hot market is that it will attract amateurs trying to make a quick buck. Many condominiums will look good on paper but have no quality work, or no professional project management team to look after finance and maintenance.  When looking for a condo make sure to investigate the developer. Are they a trusted name that has built in the area before?

2. Buying without motive / not having a plan.

Buying a condo is a very serious investment. You need to have a plan of action and execute it. Do not rush this process, and make sure you have exhausted all your options before making a final decision. If you are new to the real estate industry we highly recommend getting a lawyer. Finding the right condo for you can be a challenge, but once you have it, the benefits vastly out weight the negatives

3.Curb appeal

Curb appeal can be a huge deciding factor is buying and selling a house. Check out these photos the difference curb appeal can make. Curb appeal is something that must be maintained so always make sure your condo has a reliable property management company that will uphold a high standard.

4. Too good to be true?

When investing in a condo make sure to do the research and know what the market value is. On any condo you buy, you need to do your homework and know the market value. If you find a condo that seems too good to be true, it most likely is. Do your homework and invest the extra money for a quality home.

5. Extenuating circumstances

Many factors can come into play when investing in a condo. It is important to try and research as much as you can before investing. You don’t want to move into a condo with a fabulous view of the city, and just to be blocked office building. Another thing to look into is the rules of the condo, some boards have strict rules you may not agree with. Check out the rules for this condo in NewYork. Think you could live there?

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