3. Putting your plan into action
If you've decided to move ahead with condo living, conduct due diligence as you would with any major investment. Use your real-estate agent, lawyer and advisor as resources to guide you through this transition.
Not all buildings, or condo fees, are structured the same. Older buildings may have more stable fees, while new buildings might have lower initial fees that can escalate over time. Older buildings in particular may see one-time fees for improvement, such as window, parking structure or roof repairs, which can require a substantial financial-reserve investment. It's important to review the condo's reserve fund and be informed of pending projects, as these factors will affect increases in the maintenance fees.
Next, examine the building's policies. Condos may have regulations regarding pets, noise and smoking. Is the building geared towards a particular age group or is there a mix of household ages and types? Are all occupants owners or long-term renters, or is there a high number of short-term vacation rentals? Getting a sense of what the community is like — and the governing rules it's agreed to — may serve you in selecting the right home.
Finally, as with any housing purchase, you'll want to consider your longer-term plans and the financial investment. If this is the place you'd like to stay in long term, consideration should be given to the presence of stairs, proximity to health-care facilities and overall design features, such as wider doorways and curbless showers. Alternatively, if this is a shorter-term purchase, is there a way for you to increase the resale value of your condo through renovations to maximize your return?
Make an informed decision. A trusted realtor and advisor can help ensure you're getting a complete picture before you enter into an agreement to purchase a condo. If you're among the people considering the switch to a condo, research and planning can make this an exciting next step.