When investing in a property, buyers always have the option to choose between a traditional house or a condominium. While the location is the most important thing to consider, deciding on which type of property is also necessary. Would you prefer a bigger space for your family, or would you rather live in a more compact space? The answer definitely lies in your lifestyle needs and budget.
In this blog post, we will be going over some tips for first-time homebuyers who are looking at purchasing a condominium, particularly within Hermosa Beach.
First, what is a condominium?
Also called a condo, a condominium is a building structure or a large property complex divided into several units, each separately owned. Condos are an excellent option for first-time home buyers who want a single-family residence without worrying about the upkeep of detached or traditional homes. Additionally, if the association permits rentals, a condominium can be a great investment that earns rental income.
When considering buying a condo, it is important to understand what your purchase actually includes. Aside from your unit, you can also enjoy shared amenities like parks, pools, playgrounds, gyms, dog-walking areas, and other public spaces.
Hermosa Beach, also known as “The Best Little Beach City,” is an oceanfront city in Southern California. It is home to various condominium properties that offer easy access to the beach-loving SoCal lifestyle.
Before you get caught up with the excitement of living in this gorgeous beach city, consider the following tips for a smooth buying experience.
Make sure to get pre-approved for a mortgage.
Unless you are planning to buy a condo with cash, it is highly recommended that you get a pre-approval from a reputable and established lender. With Los Angeles’ hot housing market, properties are likely to sell quickly, and a pre-approval can give you a competitive edge in a competitive market.
- Come up with a list of your needs and wants.
Don’t forget to make two lists. The first should be the must-have items like the number of bedrooms you need, distance from the beach, accessibility to certain establishments, among others. The second list is the nice-to-haves or your wants like a pool, a gym area, and or other amenities. But take note that in reality, you probably will not get everything on your list, but it will keep you on track for what you are looking for.
- Research the property management company.
While looking for condos, always ask who manages the day-to-day operations. It is crucial to understanding who will be in charge of the upkeep of the property, since you want the condo purchase to be well-maintained. Consider also doing your own research on the company’s reputation to ensure you’re making the right choice.
- Review association regulations and fees.
You might be surprised to find out that aside from your mortgage, you also need to pay condo association fees for the upkeep of the property and its amenities. Review all the fees and inclusion to also learn what you still need to handle outside of the monthly fee. Consider asking the following questions:
- How often do we need to pay?
- How much?
- Does the price increase per year?
- What are the community house rules?
- What are the restrictions?
- How does the management handle issues and complaints?
- How responsive are they?
- Work with a trustworthy real estate agent.
Among the many things to consider in buying a condo in Hermosa Beach (or any other areas for that matter), the most important of all is to find a trustworthy and experienced realtor. Work with someone who is very familiar with the area. As experts in this field, a real estate agent can help you with all your concerns from start to finish. They can also help save you a lot of time and hassles during the buying process.
If you’re looking to buy real estate in Hermosa Beach or nearby areas, please don’t hesitate to get in touch with me, and I’ll be very happy to assist you in finding the best home for you and your family.