Experience the joys of having your own space with none of the stress – a condo lets you test the waters of home ownership without being overwhelmed by repairs and maintenance.
How long do you plan to live in it?
Experts recommend holding onto condos for at least five to six years for higher returns, so ask yourself if you have immediate plans to move.
In general, condos in Decatur have strong rental and resale potential because of the overall desirability of the area. Forbes named the Atlanta-Sandy Springs-Marietta metro area one of the best housing markets to invest in this year based on job, population, and home price growth. This means that you stand to gain from your purchase if you give your condo enough time to appreciate in value.
How is the condo association being managed?
Buying a condo is akin to signing a business contract with other unit owners in the building, so you need to have a good understanding of how the building is being managed and how financially stable it is.
It’s also worth talking to the condo manager to determine their leadership style – an incompetent manager can make life a living hell for unit owners. Ideally, the condo manager should also be working fulltime.
In some cases, condo buildings are self-governed. This means that there are no property managers and residents meet to make decisions as a group.
You can also request to see the minutes of the meetings from the last few months. This will help you determine the most common complaints among unit owners and how these have been resolved.
Is the building insured?
There are cases where the condo association reduces or drops the building’s insurance coverage in order to cut costs. However, this puts the investment of all unit owners at risk.
You can ask the seller to provide a copy of the development’s master insurance policy. Show the copy to your insurance agent and ask if the coverage is sufficient.
Is there enough storage space?
Condos generally offer less space than townhomes and single-family homes (you may not have an attic or a garage). When inspecting the unit, determine if it offers sufficient storage space for your belongings. You can also ask the property manager if you will be allowed to build a storage unit on your parking slot.
What are the building rules?
Different buildings have different rules. If you plan to bring your pets, ask them about their pet policy. Some buildings don’t allow pets, while others place restrictions on the kinds of breeds you are allowed to keep.
You should also ask them if you will be allowed to rent out the unit – some buildings have rental caps that help protect property values in the community.
Ready to move? Let Karafotias Realty help you find your dream condo in Decatur, Buckhead, or elsewhere in the Atlanta metro area. Call (404) 321 0030 or send an email to KarafotiasRealty(at)KarafotiasRealty(dotted)com.