Some analysts say that property buyers should buy condos while the market in Philadelphia is still hot. An article that appeared on the website Student Debt Survivor, written by blogger KK, gives first time condo buyers the lowdown on what buying a condo really entails. The following excerpt gives us further details:
April 20th marks the one year anniversary of the closing date of when we bought [our] condo. Anxious first time buyers, the bf and I were determined to be well-informed before we made the "big purchase". So we did our due diligence, read a few books, did some online research, talked to our folks and watched far too many episodes of Property Virgins on TLC.
Despite all of this research, [a lot of things] came as a relative surprise to us. Let's just say, there has been a bit of a "learning curve". But so far nothing we couldn’t handle, thanks to a solid emergency fund. [Our] little condo has fit our needs just fine and overall we're very pleased with our purchase.
First time condo buyers—especially those from the younger demographic, aged 20 to 34—will undoubtedly face many challenges. Nevertheless, living in Philadelphia comes with many benefits, as the city is a hotbed of economic activity. Moreover, young adults who want to pursue higher education can consider prestigious institutions like the University of Pennsylvania, Drexel University, and Temple University.
Fresh graduates who have made an effort to save up and have stable jobs can contact renowned real estate agents like Joanne Davidow to help them secure well-appointed condominiums in Philadelphia. Whether these condo buyers are looking for condos to buy or rent, real estate agents carry extensive listings with a particular focus on Rittenhouse Square and Center City.
As for first time condo buyers, blogger KK stated that before buying a condo, buyers have to first inquire about the condo fees, how much they cost, and what they cover. When are these condo fees due, and what happens if another owner falls behind on payments? First time condo buyers should also ask if there are separate fees for specific services like garbage disposal and snow removal.
Before buying a premier Philadelphia condominium for sale, condo buyers should also verify if the condo association contracts a maintenance company to deal with routine maintenance concerns. For premier properties like Murano Condominiums, building maintenance and services like trash removal are often included in the maintenance fee.
(Info from One Year In Our Home: 10 Tips For Condo Buyers; Student Debt Survivor)
