Tips for Buying Your First Condo - NYCM Insurance Blog

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Aug 21, 2019

Tips for Buying Your First Condo


Maybe you’re tired of renting an apartment, or maybe the kids have all moved out and you’re ready to downsize. After giving it some consideration, you’ve decided that a condominium might be a viable option worth exploring. Whether you’re still deciding if a condo is right for you, or already have your condominium community picked out, there are a lot of things to consider when buying your first condo. 

Check out these tips to help you prepare for this next stage in your life and keep your condo-buying experience simple. 

Determine if a condo is the right fit for you

Living in a condo is a unique experience that includes sharing common areas such as your hallways, elevators and lawn with your neighbors. The first step in this process is deciding whether or not condo living is for you. Use this pros and cons list to help you with your decision making.

Set aside time for research

If you decide to pursue condo-living, the next step is to research different condominiums in your area, taking into account price and amenities offered. It’s helpful to get an idea of what’s out there before going to look at spaces in-person. 

Hire a real estate agent with condominium experience

Because condos are so unique, it’s important to hire a real estate agent who has experience working in this market. They will be able to help you navigate the complicated buying process and make sure you get the best price possible. 

Understand the association fees 

Before making an offer, it’s important to remember that there will be fees on your home outside of the mortgage. Know what the home owner association (HOA) fees are going to be and what they are going to cover. 

Prepare emotionally 

Buying a home is a stressful experience. Prepare to dedicate a lot of time and energy to the home-buying process and expect to have some disappointments and obstacles along the way. Try to remind yourself that it’s totally normal and all a part of the process.  

Talk to people who’ve already purchased 

Lean on family members and friends for support during this process. Expressing your thoughts and feelings can help you feel less isolated in this experience and remind you that you’re not the first person to buy a home. 

Insurance 

While the HOA may have a policy protecting the building and accidents that happen in common areas, you will still want to invest in condo insurance to cover your belongings and liability cost. An agent can help you build out your coverage to best fit your needs.





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