5 Tips When Buying A Luxury Condo
There are many factors to consider when purchasing a luxury condo. Community life, high end appliances and price are all factors that can influence the condo buying process. These tips will help condo buyers to make a decision that they will be happy with for many years to come.
Consider Community Life
One of the great upsides of condo life is living in a large, connected community. Luxury condos in particular often have expansive, beautiful grounds where the HOA holds events that cater to residents. Buyers who are searching for a luxury condo can ask about these events at each condo they visit. Knowing the various types of community involvement can help buyers decide which type of community is right for them.
It's also important to look at the communal spaces that are available for residents to use. Often condos will have a pool, gym, golf course, rec room and other areas that bring residents together.
Don't Forget the Inspection
Luxury condos are impressive on the outside, but they can still have problems on the inside. Buyers dazzled by shiny, glitzy exteriors sometimes assume the condo is in good condition and decide to forgo the inspection. Even a well-designed luxury condo can still have problems that lead to expensive repairs.
A good home inspector will check the plumbing, roof, heater, air conditioner, water heater, appliances and other components of the condo. Once the inspector has identified the problems that exist in the luxury condo, these problems can become a negotiating point for the buyer.
Look for High-End Appliances
Luxury condos typically come with stainless steel appliances made by companies that cater to high-end clients. Buyers inspecting the kitchen area of the luxury condo should look for high-end appliances to help justify the slightly higher price tag that comes with buying this particular type of property.
Of course, not all luxury condos will have the same type of luxury appliances. Condo buyers who want to have specific high-end appliances may need to install these appliances themselves. This cost should be factored into the home buyer's overall budget, to ensure there is enough money for appliance purchases after move in.
Know the Restrictions
Condos are run by home owners associations (HOAs) that can place restrictions on the condo owners within the HOA. Some common restrictions that HOAs may impose upon condo owners include:
- No pets or only approved pets may live in the condo.
- No children or adults below a certain age are allowed to live in the condo.
- No loud noises after a certain time.
- No parking of unapproved vehicles.
These HOA restrictions exist to help maintain the condos and keep the grounds in good condition. Luxury condos in particular may have quite a few restrictions that control the appearance of the condos, to maintain property values. In addition, many HOA rules exist to ensure that condo owners remain good neighbors to one another. This helps maintain quality of life in the community.
Negotiate the Right Price
Just because a condo is a high-end does not mean that it's price can't be negotiated. Price negotiation is a part of the home buying process, even for people purchasing a luxury condo. Working with a reputable real estate agent can help. Condo buyers who would like to negotiate a good price for their condo should work with a Pinebrook real estate professional to get the price they can afford.