Buying Bellevue Condominiums
The Bellevue condo market has been good to real estate investors. In the past few years the median sales price of the average condo has stayed on par and even surpassed that of the single-family home. But with the condo's rapid increase in popularity, and more developments springing up everywhere, there's an added responsibility on behalf of the buyer to know what they are buying into.
Here are some things to consider further investigating before making a smart condo purchase:
Whether you're looking at your condo purchase in terms of an investment or not, it's a good idea to consider the property's resale potential. If you have an eye on a new or emerging hot market, this could definitely result in a great investment that'll have the capacity to produce big gains. But, if you want to play it safe, investing in an already popular and established neighborhood is certainly smart.
As you continue your hunt, factor in distinguishing features that'll help you market your condo when it's time to sell. Such features could be a garden, a private outdoor space or a view. You want to have something that sets you apart. Of course, luxury items that stand strong with the latest trends always have appeal. Today, such feature might include granite countertops and Viking, Bosch or Sub-Zero appliances. Know what niche you can appeal to when it comes time to sell and you'll be confident in the purchase and investment potential of your condo.
Its a good idea to check out the association of the condo development. Look at their minutes, their reserve, what they do when something needs replacing.
Next, make sure you fully understand the break-down of your condo fees. They're set in direct proportion to the cost of maintenance and the level of service demanded by the condo association. These fees can be higher or lower between neighboring condominium developments; and lower isn't always better! It all depends on what those fees cover, and whether or not the set-up suits you. For example, some condo fees include utilities, but if you're not going to be home often, or are just generally more conscious about utility use, you may not want your fees to be utility inclusive. Don't shy away from higher, yet reasonable, condo fees. They could indicate you're looking at a well-run development, with a board that's not afraid to charge what it costs to do the job right.
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