Condo Ownership: A Step Towards Independence

Nothing screams financial independence like owning property. For young professionals, this property will likely come in the form of a condo unit. Most condo units are spacious and comfortable for young, single professionals, giving them a place to call their own. With more and more young people looking to purchase their first condo, here are a few tips you must know before buying a condo unit with your hard-earned money:

As with any real estate property, a condo's location is very important. Is the condo you're considering near that mall you like to frequent? How far is it from your office? These are only a few questions you need to ask yourself when considering a unit. In addition to this, visit the neighborhood of the condo building during different times of the day, both on weekdays and weekends, to get a better feel of the neighborhood you might move in to.

Aside from the price of the condo itself, ask your potential neighbors if there are any homeowner's association dues that need to be paid and how much these dues are (if any). This prevents any surprise expenses when you move in.

Lastly, consider the resale value of the condo. Eventually, you may want to move out of this initial purchase. Try to find out the resale value of the condo or how much money would constitute a fair amount of rent.