Philadelphia is a popular place to live for entrepreneurs, food lovers, artists, and independent workers, primarily due to the city’s thriving art and culture scene, numerous opportunities, and high quality of life. If you’re planning to invest in one of the best Philadelphia condos from the listings of leading real estate professionals like Joanne Davidow, you should first ask yourself the following questions:

What is your lifestyle like?

If you’re living a fast-paced life wherein you may not be the type of person to have time to care for a lawn or deal with routine house repairs, then condo living is your best bet. More often than not, the condo lifestyle is an attractive option for young adults who prefer easy access to urban activities and baby boomers looking to downsize.

Do you plan on moving in the next five years?

Your future plans should also be taken into account when you’re deciding whether to purchase a condominium unit or not. According to an MSN Real Estate article written by Melinda Fulmer,

While condo prices are cooling in many markets, they are bound to bounce back in the long term, experts say. If you can afford to stay in a property for five years, it will almost certainly appreciate in value. On the other hand, if you are looking to flip a property or you might need more room in a year or two, a condo might not be the best choice, said Michael Carliner, economist with the National Association of Home Builders.

Although there’s really no way for you to foresee the future, you should at least feel that you want to live in a certain community before you finally decide to buy.

Are the condo price and fees reasonable?

Whether you’re searching for a luxury Philly condo or a 3-bedroom townhouse, you should still do your duties as a smart buyer, and do enough research to ensure that you’re about to make a sound investment. See to it that you’re financially prepared, and familiar with all the expenses related to owning a condo.

How’s the local real estate market?

Finally, don’t forget to assess the local market. As Fulmer states in her article,

While condos in some land-scarce markets continue to appreciate, other markets appear to have peaked and it could take years for supply and demand to come back in balance.

Therefore, prior to taking a bite of the condo lifestyle, you must ask yourself the questions enumerated above, and make sure that you’re making the right choices.

(Article Excerpt and Image from 5 questions to ask before buying a condo, MSN Real Estate)