According to a recent study from Redfin, the luxury home and condo market is healthier now than it’s been in a long time. From January 1, 2014 to now, sales of homes and new luxury condos for sale have increased by 21.1%. For many looking at luxury condos for sale, this revivification of the market is a sign that it’s finally time to make their move and purchase their new home away from home.
Even with the recovered luxury homes market, home buyers shouldn’t expect to be able to just look at real estate sales and find the perfect deal. To find what fits, buyers need to keep a number of things in mind, both to ensure that the luxury condos for sale they’re considering meet their price range and to make sure they’re of the highest quality. With this quick guide to buying luxury condos for sale, you can do just that.
Four Things to Consider when Looking to Buy Luxury Condos for Sale
- Take a Wide View of Your Monthly Costs
- Ask for a Copy of the Minutes
- Hiring a Real Estate Team is a Smart Move
- Request a Copy of the “Reserve Study”
As MSN Real Estate points out, one of the biggest mistakes people make when looking to buy a condo is taking too narrow a view of their monthly costs. Yes, you should consider the purchase price, rent, utilities, and all the other normal costs. That being said, you also need to consider additional costs that are unique to condo living. If there is a homeowners’ association, you’ll need to pay additional dues for grounds-keeping and membership. Make sure you see the big picture before signing anything.
Condos that have a homeowners’ association will regularly hold meetings to discuss any problems with grounds-keeping, unruly tenants, and other issues. As Fox News suggests, asking for a copy of the minutes for those meetings can help you spot problems before you make your purchase. Is the tenant nearby known for late night parties? Have any of your neighbors been arrested recently? These are things you deserve to know beforehand.
Unless you have experience buying condos, chances are you’re not going to know the right questions to ask or the red flags you should be on the lookout for. That’s why, according to StyleatHome.com, you should really consider hiring a realtor team. They’ll know the area and they’ll know how to help you avoid making a poor choice.
Did you know that condo associations are required to conduct a “reserve study” every three to five years, according to Kiplinger? This study contains the results of individual home inspections and independent findings of any problems. If the association for the condo you’re considering is resisting giving you a copy of this study, you’d be better off looking elsewhere.
Do you make a living selling luxury condos for sale? What other tips would you give prospective buyers? Don’t be shy. Share your ideas in the comments below! Links like this.