Ali Ata on What to Look for When Buying a Condominium

Ali Ata has noticed in the real estate trends of recent years that more people are looking to buy a condominium rather than a house. It makes sense, especially in an area without a lot of land space. Still, with all the conveniences of being in the city center, it’s better to own a condominium of your own instead of trying to buy a house, and it’s certainly better than being beholden to rent.

But what qualities make for a good condo purchase? Here’s what first time buyers need to look out for.

• Location — It’s the first rule of any real estate purchase. Where is the condominium located? Is it close to the grocery stores, schools, gyms, or other areas that you would conceivably visit regularly? Ali Ata believes that if you’re in the city center, you want these things to be accessible. You don’t want to have to commute for them.

• Amenities — The condo building itself should have some pretty great amenities that make it worth living there. A pool, a gym, and a party area are standard perks, but you should also check for concierge service and allocated parking space. Keep in mind: More amenities also mean higher prices.

• The HOA — For many people, a Homeowners Association is a deal-breaker. There are many restrictive or careless ones out there. That’s why before you make that condo purchase, check for and research the HOA. Ali Ata recommends asking about what might conceivably affect you. Are they reasonable? What kind of work have they done for residents? What kind of penalties and association fees are involved? Remember, you’ll be living with these people in one building. You have to get along.

• FHA Approved — Mortgages for some condos are different from homes. You need to check if the Federal Housing Authority has approved the condo project, as numerous different criteria may affect your mortgage.

For Ali Ata, a condo could be every bit as good as a house, and in some ways, have benefits that a typical home may not have. Being aware of all the potential issues and scoping out the best fit for you is still the key to finding that perfect home.