Are you in the process of purchasing a condo amongst all the Logan Circle condos? Or, perhaps you are taking steps towards buying your first condo. Congratulations!
Research shows that the average buyer needs to save nearly six and a half years for a property down payment. You have probably spent time saving, sacrificing, and getting excited about buying your first place.
But before you start to envision the living room layout or redesigning the kitchen, there are some facts that first-time condo buyers should know. Read on for the top ten things to expect when buying your first condo. These tips can make new homeownership a blissful, exciting, and rewarding experience.
1. Use the Right Platform
You may be wondering how to buy your first condo? As a first-time buyer, you may feel overwhelmed by the variety of condos available. Logan Circle has a lot to offer new homeowners!
But, it’s important you use tools to compare and contrast condo associations and make an informed decision. ClearCondos is a great platform for making your search as simple as possible. This all-in-one resource offers important condo association information that goes beyond the property listing.
For example, is the condo close to a Metro line? Connect with agents and search the platform with your specific buying criteria. Think pricing, pet policies, and age of the building.
2. Budget for Association Fees
If you have looked at Logan Circle condos for sale, then you may be familiar with the concept of homeowner association (HOA) fees. These fees are part of every Washington, D.C. condo building. HOA fees are usually paid monthly by homeowners.
These fees help maintain the condo building, amenities, and provide other building services. They vary depending on the building, association staff, amenities, and other factors.
And remember that association fees are not set in stone. They can increase yearly (and usually do). So, it is important to budget for this monthly payment in addition to your mortgage and other expenses (looking at you, home insurance and property taxes).
While it may be hard to save for extra HOA fees and send this money off each month, condo owners reap the benefits. New homeowners have enough to worry about setting up their new space!
Your monthly fee reduces the stress of homeownership because the HOA uses the fees to take care of the hard work of maintaining the building. You won’t have to think about replacing the roof, vacuuming the hallway, or collecting your packages if you’re out of town. These tradeoffs can make the payment well worth it.
3. Don’t Forget About Other Extras
HOA fees are not the only extras that condo owners should consider. Depending on your Logan Circle condo building, there may be additional fees you need to consider, such as parking fees or paying for parking nearby.
Your condo likely will not include a parking spot, as most condo association in DC have fewer parking spots than they do residences. Factor these types of costs into your purchase price and monthly homeowner budget.
4. Get to Know Management
Part of the fun and ease of living in a condo building is experiencing a sense of community. From neighbors to staff, you will get to know the people around you and enjoy their company!
It is important to establish a relationship with the management team. So when your unit needs fixing, you have a contact to quickly step in and assist or make contractor recommendations.
5. Know the Rules
HOAs can have strict rules. It is crucial that you know these expectations before signing the contract or moving in.
For example, you may have sublet your house or rental apartment in the past. However, a condo may have strict rules around rentals. Some do not allow rentals at all, while others set a hard cap on the number of units that are allowed to rent at any given time. Know the association’s current rental rules and rental ratio prior to closing if you intend to rent in the future.
6. Run a Condo Analysis Report
Do you know if your condo building is in good financial health? Consider running a Condo Analysis Report. In Washington, D.C. you have 3 business days to review condo building operating documents and agree to close the sale.
Before saying “yes,” this report can help reveal important financial data or legal concerns. For example, are the fees excessive compared to comparable condos? Is the association FHA or VA approved? Are there any outstanding pending legal issues? Were the condo rules recently changed and no longer align with your expectations? These important data points are crucial in the decision-making and purchasing process.
7. Can Pets Come?
Stroll any afternoon in Logan Circle and spot adorable dogs on nearly every corner. If you own a pet, you need to check your condo rules and confirm that specific animals are allowed. For example, some condos may permit cats but not dogs. Others restrict pets based on weight or breed.
8. Scan the Area
You found a condo in Logan Circle that perfectly suits your needs. The building is even across from your favorite coffee shop! But, have you fully scanned the new neighborhood?
If you spot any construction, this is something to consider. Additionally, a knowledgeable Realtor will have the inside scoop on the area. They may even know the completion dates on certain projects or what other new buildings are coming up.
9. Plan for the Future
You may be searching for condos for sale in Logan Circle right now because it suits your lifestyle today. Will your lifestyle change soon, though? Buying a condo is an important investment and life decision.
So, you want to make sure your personal goals align with this purchase. For example, do you want to have a family soon?
Do you think later down the line a “no pet policy” will be difficult? While planning for the future can be a difficult task, it is important that condo living matches your lifestyle.
10. Embrace and Enjoy City Living
You may know the Logan Circle area. Or, perhaps you have already dreamed of living in the center of excitement. As a first-time condo homeowner, it is important to embrace city living!
Buying your first home or condo means investing in your community. As a condo owner in Logan Circle, you can walk to your favorite bars and restaurants and also support your neighborhood shops and galleries. Being open and welcome to the bustle of city life aligns best with owning a centrally located condo.
Logan Circle Condos Can Be a Great Investment and the Perfect Place to Call Home
Logan Circle condos are a sound investment and exciting purchase for first-time homeowners. But, buying a condo is not the same process as purchasing a traditional single-family house. These tips can help set your expectations and prevent disappointment, aggravation, or lost money in the future.
If you are open to budgeting for condo living and embracing the community lifestyle in Logan Circle, it’s time to start searching and determine what you want! When you need help finding the perfect condo in Logan Circle, contact our expert condo real estate agent partner, Ellie Mix Yehl to get started.