Condo Buying Tips For Young Professionals
As a young professional embarking on a successful career, purchasing your first home can be an exciting step. A condo is a natural first choice since you will still have the benefits of community living, such as additional security and property maintenance, along with the investment and autonomy benefits of owning a home. The following advice can help you make the right choice when it comes to buying your first condo.
Tip #1: Make sure you are there to stay
It's best to wait until you are a few years into your job before buying your condo. This is because it only makes sense to buy if you plan to live in the condo for more than a couple of years. If your job will include multiple transfers and future moves, then buying may not be the right choice for now. The one exception is if you plan to keep the condo as a rental property once it comes time to move.
Tip #2: Don't buy right away
If you have recently moved to the area, either due to a new job or a transfer, it makes sense to hold off on buying for at least six months. This gives you time to get to know your new town and discover the areas that appeal to you most. Once you have begun to fill your social and professional calendar you can make a more informed location choice. You don't want to end up in the boonies so that the main center of your activities is a long commute away.
Tip #3: Consider your future plans
A one bedroom condo may make sense when you are a single professional, but be realistic about your plans. A second bedroom means that visiting family and friends won't need to crash on the living room floor when they visit. It also gives you the ability to easily get a roommate if your financial prospects ever change in the future. Finally, it also provides more options if you get married or decide to have a child, in that you won't need to move to a bigger place right away.
Tip #4: Check out the condo association
Make any offer you extend contingent upon checking out the condo association. Some associations are very strict and must approve any new owners, while others are more laid back. Make sure the condo fees are reasonable and that how they are used is very transparent. Check all the community bylaws to ensure that you can live with them. Finally, talk to other residents to see if there are any ongoing issues with the association's management.
Contact a real estate agent in your area for more help with condo shopping.