Things To Consider Before Buying A Condo in Denver

1. Condominium Location

The most crucial factor to consider when buying a condominium is its location. You'll want a property that is close to your work location, easy access to public transportation, and with high potential real estate value. If you plan to sell your condo in the future, knowing the location is an excellent way that will make it easier to sell.

2. Developer Involved

The name of the developer is an important consideration, especially when it comes to high-rise developments. Getting the reputation of a trustworthy developer is an assurance that you got a good quality home.

Check out our original blog post at https://www.buyingdenvercondos.com/.

3. What is your ROI?

If you plan to build equity and sell your property in a few years, it's essential to consider several factors such as the property location, nearby schools, crime rate, and more.

4. Privacy Concern

Living in a high-rise development, you will be sharing your walls with neighbors and noise can be a consistent problem. Though there are regulations that help manage these issues, you should consider this fact before buying a unit. If privacy is an essential consideration for you, you may want to opt for a single-family home instead.

5. Is The Deal Too Good To Be True?

Realtors may offer you properties and deals that sound to be too good to be true. You need to make sure you do your due diligence before purchasing to avoid a bad deal that will bite you down the line.

Check out our original blog post at https://www.buyingdenvercondos.com/.

6. Is it Energy-Efficient?

You'll want to check how much sunlight you can expect from your unit. If a unit is blocked from the sunlight, you'll expect higher energy bills from lighting. This also includes air-conditioning and other temperature control features.

7. HOA Fees and Rules

You'll want to consider association fees for your condominium. The rules and regulations are also an important consideration when you're planning to buy a condo in the city.

8. Amenities and Shared Spaces

Knowing the policy for shared spaces is an essential factor to consider. If the property has no limit especially to renters and visitors, you may find swimming pools are too occupied for you to use.

9. Condominium Security

Condos typically have a security system which includes staff and cameras that monitor entrances. Investors who plan to buy a rental unit will want to consider security policies primarily if they use their room as an Airbnb unit.

10. School District

Is the property within a good school district? Larger units will most likely be for families with young children who plan to move into a condo. Good quality schools nearby will add to the overall value of your condominium.

11. Unit Layout

Square footage affects the total price of condominium units, knowing what is included in this space should be priority one for any home buyer. Check out the layout and identify if the living space, aside from the floor space is agreeable for you.

12. Property Insurance

Knowing the insurance coverage policy for all property owners is crucial when buying a condo. If the condo association does not require insurance for all unit owners, it may endanger the investment of all the unit owners in the property.

13. Lawsuit

Are there any ongoing lawsuits the condo is involved in? If there are it may affect the future value and association costs of all unit members in the property.

14. Property Maintenance

You'll want to know who performs regular maintenance and repairs in the common areas and individual units of a property. Knowing the costs and which portion of the property is being maintained by who is your responsibility.

15. Reserve Fund

Understanding the finances of your condominium will let you know if the investment is overall going to be useful in the future. If a property is improperly managed even if you pay regularly, you'll probably not get a pleasant living environment.

Check out our original blog post at https://www.buyingdenvercondos.com/.

If you would like to receive a FREE Competitive Market Analysis, contact me today. Let Me Help You Find Your Denver, CO Home! If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at 720-437-0224. ************************************************************************************

POSTED BY

Angela Covey

720-437-0224