Buying your first Waltham home is an exciting experience! It’s also a very memorable moment in your life, so you’ll want the process to go well. A lot of people, mostly around the cities, choose to buy a condo as their first home. Here are the 4 most important things to know before buying your first condo in Waltham. Keep these things in mind so that you’ll make an awesome purchase and the buying process will go smoothly!
1. Understand How Condos Work
Before buying a condo, you should really understand how they work. The main difference between an apartment and a condo is in who owns it. Apartments are usually owned by a company, which makes them only rentable, and condos are usually owned by individuals. So this gives people an awesome opportunity to buy Waltham condos! However, when buying a condo you need to be aware that while you might own it, it is managed by the HOA.
What is an HOA?
HOA stands for “Home Owners Association.” The HOA manages the condos and their communal areas. So, while you might own the unit, you’ll still have to follow the HOA laws and regulations. Become familiar with the laws and regulations of the condos that you are interested in buying so that you know exactly what you are signing up for. A Waltham Realtor can help you with this!
Condos Have Extra Fees
Apart from paying your mortgage on the condo, you’ll need to consider additional condo fees. Since the HOA manages the communal spaces of your condo, there will be management fees to pay. These fees will pay for insurance, maintenance and repair costs, landscaping, building utilities, and other shared expenses. So, work with your Waltham Real Estate Agent to see how much these fees are each month and if it fits into your budget!
Condos Have Amenities
Buying a condo is great if you’re looking for extra amenities. Some Waltham condos include gyms, a park, or even a pool and roof deck. However, all the amenities will affect how much the monthly HOA fees are. If you use the amenities, you’re getting them for an awesome deal! However, if you are not one to use the extra amenities you will be paying for things that you do not use. So before investing in your first home, you should be very sure about what you’re looking for in a condo and how much extra you’re willing to pay.
2. Check Out the Property
Once you have narrowed down your options to a few units, you should do a thorough examination of the condos. By examining them all you should be able to find the perfect choice for you! Things you should examine are:
Is it worth the price?
- Maintenance costs
- Is there parking?
- Is the building older or newer?
- Is there building security?
These are a few great things to check out about each condo. Also, by working with a Waltham Real Estate Agent, they can help come up with other questions and things to examine so that you definitely choose the perfect condo.
3. Make Sure There’s Enough Space
Since condos are obviously smaller than a home, you should consider the amount of space it has. Does it have closet space? Storage in the basement? Consider how much space you need and see if it’s right for you.
However, keep in mind how important space is to you. If you were to choose a condo with less space, this could be a great opportunity to really declutter your belongings. You could also find a storage unit in the area to hold some of your things. So while space might be a make or break for some people, consider that there are other options for your belongings too.
Work With A Waltham Real Estate Agent
When buying a home, especially your first, it’s always beneficial to work with a Waltham Real Estate Agent. Your Waltham Realtor will be able to walk you through the process as well as help you make the best decision when it comes to buying a condo or any other property. Reach out to Waltham Realtor, Hans Brings, today! 617-968-0022