What’s an upfront cost? What should you look for during an open house?

When looking for a new place to live, there can be so much information out there. It may seem like a lot of work, but years from now, you will be thanking yourself for taking the time and effort to consider your options carefully.

This article lists seven factors you need to consider before deciding on a condominium to buy or rent.

What Factors to Consider Before You Buy or Rent a Condominium

1. Price

When browsing condos, one impactful factor is your budget. You want to determine your price range first of all, then consider the different costs involved. There are two types of expenditures when investing in a condo: upfront and long-term costs.

Upfront costs are fees you pay even before monthly rent. Depending on the condo, this may consist of an application fee, a security deposit, and a pet deposit, if you have any. Many landlords require you to pay for your first and last month’s rent, and you may also need to invest in new appliances and furniture, which adds to your upfront costs.

Long-term costs are fees you have to pay monthly or regularly. This includes your monthly rental, utility bill, and a few other expenses. Long-term costs can also include gas, cable, internet, and trash disposal. There may also be association dues to maintain the various amenities in the building.

Depending on your location, you also have to get familiar with the different taxes you have to pay alongside these fees. It is also a good idea to have protection through renter’s insurance.

Whether you decide to rent or buy, you should consider how much investment will go into the condo itself. There are various factors that affect condo prices but consider the ones most important to you. Do you want to live in a big building or a quiet complex? Are you looking for a beautiful view of the city? How many square meters do you prefer?  

Once you have a good idea of the costs, you can make better decisions regarding payment plans, loans, or rent agreements.

2. Property

Look into the property itself. Are you searching for a studio or a 3-bedroom condo? On what floor level do you want to live? Do you prefer a minimalist approach or vintage design? Depending on your needs and preferences, some characteristics will be more important than others. 

Checking out the condo in person during a viewing or an open house will allow you to inspect the space closely. You can use this time to get information on the property, as well.

Make sure to ask the broker questions regarding these:

• Building: How old is the building? Was the unit rented before, and if so, how many times?
• Changes: Can I drill screws in the walls? Can I add or modify locks? Is painting walls allowed?
• Management: Is there a maintenance policy? Who do I contact for any questions? 
• Facilities: What time is the pool/gym/etc. open? Do you provide storage space?
• Safety: Where are the fire extinguishers? Is there a fire escape or route? Is the building built to withstand earthquakes?

In case you go for a virtual viewing, you ask for multiple angles and close-ups. It is more difficult to see details through your screen, so be thorough and do not be afraid to ask for a closer look.

3. Location

The condo may be the perfect size and price, but if you do not like the surrounding area, it can be unpleasant to live in. Visit the location before making your final decision. Pay attention to the noise level, traffic, and community. You want to get a good feel of the area to avoid any unpleasant surprises like constant sirens or noisy neighbors.

Finding essential establishments like restaurants and grocery shops nearby will be helpful in your decision. Factor in, as well, how far the condo is from work or school, and what the route is like: is the traffic congestion heavy? Is it easy to navigate on foot?

One of the best things about living in a condominium is its view. Look outside the windows to determine if you like what you see. After all, you may change what is inside your condo, but you will probably be stuck with the same view outside.

4. Safety

You want to feel safe and at ease in your home, and you are not alone in that. Luxury real estate trends point to health and safety as bigger priorities for residents in 2025. Learn about the building’s security protocols. How high is it – is it a high rise or mid-rise condo? Is there a front desk? Do visitors sign in when entering? Are there security cameras in front of the elevators and hallways?

If you live high up, you may want to check fire and earthquake protocols, as well. Buildings with several floors typically have maps in each level detailing escape plans. Those in areas prone to earthquakes should be with these in mind, so ask about earthquake-resistant design. You also want to check if the area is prone to flooding.

In addition to the existing structures in place, check if you can add your own utility, like a door guard or smart doorbell. 

5. Amenities

When looking through a condo’s features, remember that essential amenities differ for each person.

For example, parking may not be a concern if you take public transportation, but someone who drives to work will consider it essential. A gym in your building may be a big plus if you regularly exercise, but another person may prioritize a laundry shop instead.

Common amenities include:

• Parking: Some condominium buildings provide free parking lots, while some charge a fee. Even if you don’t own a car, checking the parking is still a good idea in case you want to entertain visitors.
• Gym: If you prefer to exercise regularly near home, a gym is an excellent amenity to ask about. 
• Public Spaces: Some condo buildings have common spaces like function halls, meeting rooms, and gardens either for rent or free to use for residents.
• Laundry Service: See if your building has a laundry shop nearby if you will not be doing laundry in your unit.
• Maintenance: Depending on the management, maintenance can be on-call for possible issues like a broken lightbulb or a clogged pipe.

Condo developers offer different amenities, so be sure to find out what they offer and weigh those with your other priorities.

6. Neighbors

Get familiar with the neighborhood and community nearby to know what it would be like to live there. If possible, try chatting with people living next door and asking about their experience. 

They probably know specific characteristics that the management does not. Maybe Unit 40 plays music loudly until the early morning, or the elevator breaks down every week. You also want to gauge your compatibility with your neighbors. If you value your privacy, are they the kind to turn up without notice? 

Living in a condo leads you to be part of a community, so it is in your best interest to find a place where you feel comfortable and safe with your neighbors.

7. Lease Agreement

A lease agreement (i.e., terms of lease or contract of lease) details the agreement between you and the lessor. The condo owner or renter is the “lessee,” and the other party is the “lessor.”

The agreement describes your obligations and responsibilities as someone living in the condo. The lease includes the payment plan, maintenance guidelines, renewal terms, and other agreements between you and the lessor. 

Since the terms of the lease constitute a legally binding contract, you must read it thoroughly. If you are unfamiliar with lease agreements, you can find a standard sample and take note of the differences. If anything is unclear or confusing, you can clear things up with the lessor before signing.

Condominium Conclusion – It’s all About Priorities

During your condo search, you will encounter different advantages, features, and characteristics. The key to making a final decision is to weigh your priorities thoroughly. 

If your days are busy, you will want to be closer to your place of work or a grocery store. If you like relaxing on weekdays, a condo with a pool may be your best bet.

Make sure to think it through so you can make a wise decision in choosing a condo with your real estate agent.