People are flooded with different choices when buying a home, such as townhouses, single-family homes, etc. Another popular option is a condominium or a condo. Condos are individual units within a building that you can own or rent. They’re usually more affordable and come with shared amenities, suitable for first-time homeowners. But there are also unique challenges. So, consider these factors the next time you come across a condo sale.

Determine whether condo living suits your lifestyle
Condos offer less privacy than a free-standing home. There are multiple individually-owned units within the same building, so you live close to other people.

On the flip side, residing in a condo offers a built-in community. The restrictive rules tend to shield your property value and allow you to enjoy the different amenities of the complex at a lower price. This makes it suitable for those looking for an affordable home.

Look for a realtor who understands the condo landscape
If you’re firm on buying a   condo, hire a real estate agent with experience in condo sales who has your best interests in mind.

Besides giving you details about the community, a real estate agent will inform you about the developments that fetched top resale values in prior condo sales. Naturally, if you don’t intend on living in the home permanently, you would maximize its value by putting the condominium for sale. But although an experienced real estate agent can be a life-saver, it’s essential to visit the community and converse with the residents personally. It can give you a better sense of what it’s like to live there.

Evaluate your finances for the condo
Financing is tricky when buying a home, and the challenges amplify when it comes to a condo. Typically, lenders charge a higher interest rate. They also look into your reserves, association budgets, and applicable rules and regulations at the condo. If you rent out more than one unit, financing can get even more complex. The down payment may be on the higher end of the spectrum, depending on the mortgage provider.

But, getting a loan for a condo isn’t impossible. Sit down with your lender and agent to inquire about additional documents you can furnish to make the process seamless. Also, compare different financing options to get the best rate.

Check out the amenities
Amenities influence the condo price .  While it’s great to have top amenities like a swimming pool and clubhouse, you must ensure they’re worth the price tag. High-end buildings may even offer a fitness suite, cafe, private parking, and 24-hour concierge. Before materializing the condo’s sale, consider the location’s proximity to schools, hospitals, and local markets. You don’t want to be cut off in a remote place and spend time driving around for essential services.

Note that mortgage lenders inquire about the available amenities while they evaluate. The price can shoot up for condos with top amenities with proximity to essential services. However, it can also fetch you a higher rate if you decide to put the condominium for sale in the future.

Learn about the homeowners association (HOA) rules
As mentioned, condos are individual units within a larger building. Condo owners come together to form an association to discuss problems and formulate rules that benefit everyone. You’ll receive a copy of these rules before buying the available condominium for sale. It mentions what belongs to you in the condo and what’s a shared amenity. For example, the central AC is a shared amenity, but personal AC units aren’t. CC&Rs will intimate you about it all in advance.

CC&Rs will also list the rules you must follow. There may be restrictions on noise levels, pets, internal improvements, hanging out laundry, parking, or renovations to your unit. Naturally, these rules wouldn’t apply in a single-family home, so many find them hard to abide by. However, condo regulations are reasonable and primarily guard everyone’s interests. Since the rules aren’t optional, consider buying a condo only if you’re happy with the impositions.

As home prices surge, getting a condo may feel as competitive as a single-family home. If you decide to go for it, compare different condominiums for sale and be flexible.