Buying a Minneapolis Condo
What exactly is a condo?
In a Minneapolis condominium (commonly known as a condo) some parts – your residence – are owned privately, while others – common areas – are owned collectively by all of the condominium’s residents.
A less technical way to think of a condo is an apartment that you own. In practice, condos often take the form of an apartment or similar shared complex, but theoretically, a condo could physically look like anything.
Minneapolis condos are especially popular in places with high property values – vacation hotspots and high density urban settings are both places where you can expect to find them on the market. This is largely because buying a single-family home can be prohibitively expensive in places where additional building space may be scarce. As such, condos can open home ownership to whole new groups of people. Therefore, if you’re ready to own your own home, but can’t quite afford a house, a condominium could be a way for you to get into the market.
Looking for a condo involves the same process as shopping for a single-family home. If you have a general idea of what you’re interested in, going to a real estate agent focused in the Minneapolis condo market can be a great way to find out about properties that you might not be able to find on your own.
If you’re more of a do-it-yourself person, you can still search real estate websites like this and listings for condos in the area you are interested in. If you have a specific building like The Carlyle in mind, many offer small sites and blogs where you can learn more about the condominium and perhaps even view some interior photos and see availability.
The Minneapolis Condo Sales Contract
It’s not just the sales contract that you have to think about when you’re buying a condo; condos also have an agreement, or declaration, that dictates the way the condominium operates and is governed. Before buying your condo, you should request and read the documents that apply to the management of the complex. What are the hot issues for this complex? How big is the condominium’s reserve fund? How does management deal with owners’ requests and complaints? Does the condominium impose strict rules and guidelines on owners that you would be unhappy with? You need to get a sense of whether the condominium you are considering is well run, whether the rules and restrictions would allow you live the lifestyle you’re seeking and whether the building/complex is experiencing any problems that could hurt the value of your share of ownership in the future.
The Bottom Line
If you’re thinking about buying real estate, whether as an investor, vacationer or year-round resident, Minneapolis condos are definitely something that should be on the radar. This is especially true if you’re looking at an area where real estate is expensive. Condos aren’t inherently better or worse than any other type of residence, but depending on your situation, a condo or co-op could be a fantastic choice as a Minneapolis homebuyer.
Content published by Ben Ganje