Life is good, especially when you can afford the very good things of life. Coupled with the good cars, the best clothes also come the good houses. But when it comes to houses, getting a condo is on a different spectrum. However, when it comes to getting condos in Encino, one of the most expensive neighborhoods in the Los Angeles area.
We do not know of your financial standings, but you have to make solid plans before deciding to get one like real estate professionals. Hence, it is only right you are made aware of certain factors before getting a condo.
Buying one can be such a great idea, and even though it appears expensive in its outlook, its prices are lower than the single-family homes, and they also come with some luxury amenities for its occupants. So, what are some of these factors you must consider before knowing if getting a condo is just the right choice for you to make now?
First, what is a Condo?
A condominium in full can be described as a hybrid between an apartment and a house. It is simply a property you can purchase and outrightly own. A condo offers some aspects of normal apartment living compared to apartment living. Many condos are always built adjacent to the others, and its owners have to share a wall.
If you buy a condo, it may be located just above another person’s home. You have them popping up everywhere now, and you might be thinking of getting one. If you are at a point in your life where you do not have the luxury of time for routine home maintenance, then getting a condo may be the best choice for you.
Even though they come with some monthly premium payments and restrictions, especially about the use of its space, if you are looking to get condos in Encino, here are some factors you should consider.
- Condos are affordable
Contrary to what many think, getting a condo is cheaper, especially when comparing the cost with a single-family home. A few months back, an average unit condo was going for over $250k while a single-family home was going for over $300k. See the difference?
Although in the long run, monthly payments and subscriptions to be a part of the home owner’s association in the particular area can rack up the average condo costs. Consider that the extra amenities that always come with condos are a big plus.
- Location
Before getting a condo, one of the best things to consider is its location. Before making any decision, be sure that you are getting it in a premium location. Your realtor should advise you on the best route to take, but you have to ensure you make the best choice that works for you. Note down a list of your preferences and check them before you proceed.
If you are the type that prefers an urban, a suburban, or even the typical rural setting, note that if you are buying a condo, you will most likely be in the city. If you love your environment as cool and quiet, then getting a condo may not be for you. There are amenities provided when you get a condo. Facilities such as courtyards, patios, and other outdoor spaces, but you should note that other condo owners would most likely share these facilities.
- Maintenance
If you are also the type that does not like doing lots of maintenance in the home you live in, getting a condo might turn out to be a perfect choice for you. In a condo, you are only responsible for maintaining your space. The rest of the building and its exterior are not in any way your responsibility.
Other responsibilities like shoveling, cleaning out gutters, and even landscaping are not your only concerns. Just find a way to pay your homeowner’s association dues, and you are good to go. The above are the pros of getting a condo, but we would briefly highlight the cons, too, so you can weigh your options and fully assess your position.
- We hope you have researched that you have to pay for the amenities. Yes! Condos come with a wide array of amenities, but you should not go red with blushing at all the amenities that you forget you will be paying for them.
The pool, the gym, might end up serving as a way to impress your visitors; you might not need them. You might have to find cheaper ways of buying some prestige.
- The mortgage requirements for condos are no jokes too. Getting to secure a mortgage for your condo is just tough; there are many challenges before securing one. Just ensure you do your research before seeking out to buy a condo. Many others have purchased and successfully managed it.
