Tips for First-time Condo Buyers in Dallas/Fort Worth
There’s so much to love about condo living. You get all the benefits of homeownership, with none of the hassles — no lawn maintenance and no exterior upkeep. Plus, chances are good that you have access to community amenities you might not have with a single-family home, like a swimming pool, fitness center, or communal park. However, if this is your first time purchasing a condo in Dallas/Fort Worth, you’ll want to know a few things.
What First-time Condo Buyers Must Know Before Buying
Condos come in all shapes and sizes and condo properties can be barebones or luxurious. Knowing what’s available, plus your own needs and preferences will help ensure a smooth, easy process. So there are a few questions you should ask yourself to clarify for yourself which condo is best for you.
New or Resale?
First, do you want to buy a new unit? Would you prefer a resale unit? Both have their pros and cons. New units are just what they sound like, condos that have never been lived in before. And there’s nothing better than moving into your brand spanking new condo with all the glitz and glamour. Often, you can customize finishes and materials to some degree. However, they can be more expensive than resale units. Resale units are the condo equivalent of buying a single-family home that’s already been lived in. So while they’re often more affordable, you can expect that it may be outdated and need some maintenance and improvements, so you might want to do allow a budget to do some upgrades or renovations.
Got Your Checklist?
Shopping for a condo in Dallas/Fort Worth can leave you overwhelmed due to all the choices and different inclusions and different specifications. So it’s important for you to have a checklist of all the key criteria that are important to you to help you make a decision. You need to consider each property and compare what it offers to the other condos on offer. First step is to start with your needs. Create your own checklist of key criteria and order them in order of importance. Do you need to be close to work or would you rather be closer to shopping, dining, nightlife or medical facilities? Do you have a pet and need to make sure it’s pet friendly? Do you want parks nearby? Do you want recreation options like a swimming pool and a gym on the property? So make your checklist and give each condo a score out of 10 for all the items. This will help you make a decision based on what really matters to you.
What Are the Costs?
It’s important to remember that having more amenities usually equates to not just a higher initial price tag, but also higher ongoing costs. Condominium properties are usually managed by a homeowners’ association that charges dues/fees for maintenance and upkeep.
Some HOAs (Home Owners Associations) may also charge special assessment fees. These extra are fees that are charged under certain conditions like emergencies or to fix unexpected major repairs. These usually fall outside the HOA’s yearly budget so you need to pay it on top of the normal annual fees.
So when you’re comparing condos, make sure you find out what the annual costs are and if there are any special assessment fees so you can make sure they are within your budget.
Any Other Conditions?
It’s also important to be aware of other special conditions that may affect you. For example, there are conditions around occupancy rates which many people aren’t aware of. If you have the intention of buying the condo to rent it out at a later time, many condos require a certain occupancy rate. So if that is fulfilled than you can’t rent your unit out.
And if you are a veteran or an FHA buyer you must buy a condo in a complex that is VA or FHA approved. This makes purchasing with a VA or FHA loan very difficult and limited so you are better off buying the condo as a conventional or cash buyer because you will have more options. However, you have to think about resale because if it’s not FHA or VA approved then only a cash or conventional buyer can purchase it. Also, if a condo complex is ever under a lawsuit then you can not purchase it with any financing – cash must be used.
Picked Your Location?
As you may have heard, in real estate, the most important 3 factors are location, location, location. So you need to consider the area well, which means assessing a wide range of factors. For instance, condos located more centrally or closer to specific amenities or popular areas command higher prices, while buying farther out of town will offer more affordable living but may mean driving farther for work or shopping. So be clear on what are the important amenities or benefits you want to have close to where you live and which ones you’re prepared to drive a bit farther for.
Safety is also an important concern, so it’s important to check the safety of different areas. A great resource for this is Crimegrade which gives you safety statistics in different areas, so you can make your decision based on real facts and figures.
The Expert Help You Need to Find the Perfect Condo in Dallas/Fort Worth
If you’re looking to buy a condo in Dallas/Fort Worth, the you’ll surely feel a lot more confident in your journey when you have a helping hand. I’ve lived and worked as a real estate agent in the area for over 15 years and I’m here to help you navigate this often-confusing process. So reach out today and schedule a consultation — I’d love the chance to help you find your dream condo!
Just click here to end me a message or give me a call on (214)789-7111 and let’s have a chat.
– Ginger Varga
