Owning a condo is a great way to homeownership without stressing over the additional costs that come with single-family houses. Wilshire Corridor is one of the best locations to find condos as it offers a range of different amenities. Here are seven tips to help you find the best condo in the Wilshire Corridor:
1. Consider your Budget
Before you begin your quest to locate the right condo, you must determine your budget. Generally, the overall cost of a condo is dependent on the location, size and layout of the unit, along with the types of amenities and facilities the building offers. Therefore, determine your budget first to help you shortlist your options.
2. Shortlist your Preferred Locations
Location is among the top factors you must consider to find the best condo in the Wilshire Corridor. Determine which area fits your requirements. For example, do you want the condo building to be near shops, eateries, public transportation?
3. Conduct Research on the Neighborhood
If you want to find Wilshire Corridor condo for sale, it is important to do some research about the neighborhood. Are there plans to construct a new building near your building? That would mean loud construction noises. Is the neighborhood safe, particularly for kids? Will more shops or markets be opening nearby? Factors like these will have an impact on your property in the future.
4. Identify the Must-Have Amenities
Condos typically offer a range of facilities and amenities within the building. Some of these might be highly useful for you, and some won’t. If you have particular amenities in your must-have list, then you must share them with your realtor.
You might want the condo to have amenities like a dedicated parking space, fitness center, and a kids’ area, depending on your needs. Aside from that, you should also consider some amenities that might not be of use to you but attract potential buyers or tenants for you in the future.
5. Understand Fewer Amenities Doesn’t Equal Lower Fees
Many potential condo buyers assume that if they opt for a building that offers fewer amenities, then they won’t have to pay a high maintenance fee. However, this isn’t the case.
A condo with more amenities doesn’t necessarily have higher maintenance fees since the cost gets split among different tenants or owners residing in the building. On the other hand, a modern condo that has fewer amenities might have the same or even higher maintenance fees due to different factors.
Therefore, make sure you enquire about the maintenance fees and ensure it will fit your monthly budget.
6. Discuss Maintenance
Aside from determining the maintenance fees of the building, you must also determine what is included in maintenance fees. Generally, condo associations take care of all the common areas and facilities within the fees. However, every association has a different take on routine maintenance and what is and isn’t covered.
Find out how and when the maintenance is handled as you wouldn’t want to live in a condo for the next few years with a lack of maintenance or irregular maintenance.
Discussing maintenance will also help you to identify the things you are responsible for maintaining so you can plan your budget accordingly.
7. Ensure the Condo is FHA-Approved
Condo mortgages might not be as straightforward as other properties. It is because aside from the usual evaluation of your income, credit, and assets, the condo building will also be scrutinized. To avoid the hassle, opt for FHA-approved condo projects or make sure the condo building in the Wilshire Corridor you have shortlisted is FHA-approved.
Condos are suitable for working individuals, first-time homebuyers, and small families. You can enjoy plenty of amenities without having to manage the maintenance of the facilities and the exterior of the building. Consulting an experienced real estate agent is ideal to ensure you find the best Westwood condo for sale that meets all your requirements and is within your budget.
Don’t hesitate to get in touch with Pezzini Luxury Homes. We will help you find the right Los Angeles condos for sale and assist you throughout the buying process. Dial 1-310-275-2076, and contact us today!