4 Tips To Maximize Savings When Buying A Condo

Most condos come at a lower price tag than single-family homes. However, you will have homeowners' association fees that help offset the costs. If you want to buy a condo and maximize your savings, you can prioritize a few details and features to keep your costs down.

Square Footage

A reliable way to save on a condo's purchase price is by looking for units with the least square footage. Ideally, you should figure out how much square footage you need to live comfortably. You can gather this information by taking measurements in your current home to determine how much space you need to fit your furniture and decorations.

Also, consider the possibility that some of your furniture pieces may be larger than necessary. You may only need to replace oversized furniture to live happily in a small condo.

Amenities

While looking at condo communities, you will find some with a couple of amenities and others that provide a wide array to residents. Some condo shoppers may love getting access to many amenities. But you can prioritize minimal communities to maximize your savings.

Fewer amenities often come with a lower HOA fee. Some condo associations include cable, Internet, heat, and electricity in the monthly fee. You can increase your savings when these services and costs are not attached to a condo association. This allows you to save money by skipping cable television altogether and being frugal with your heater use.

Unit Floor

You may notice that upper floor units are listed at higher prices in tall buildings because they come with an incredible view. As a result, you can prioritize lower-level condos to find lower listing prices. Consider prioritizing basement units or garden units for the best savings.

Studio

One of the greatest ways to save money on a condo is by buying a studio unit. These units do not have a dedicated bedroom, requiring creativity with how you use the layout. However, you can still feel comfortable and happy in a small space with a strategic setup.

An excellent strategy is to use a murphy bed or convertible sofa bed over a traditional bed that would take up a lot of space inside a studio. You can also use vertical storage by mounting shelves all over the walls and using floor-to-ceiling shelving units.

Use these tips and strategies when shopping for a condo to help you maximize savings when buying a condo. To learn more, contact a company like John Hook Team: KYRO Real Estate.