Schedule time with me

Things to know when buying a condo in Indianapolis

Dated: March 30 2021

Views: 801

Issues to Address When Buying a Condo in Indianapolis

One of the most vibrant real estate markets in the United States is in our hometown, Indianapolis. It is a city that offers us a variety of benefits from affordable housing and a vibrant and diverse business sector to and other exciting things like the Indianapolis 500 and the Colts. The type of houses available in Indianapolis’ real estate market range from townhouses, single-family dwellings, multifamily units, and townhouses. Then, there are condos, which need a little additional attention in the purchasing process you may not otherwise consider.

First Things First, Partner with an Agent

Condos are a great option for those looking for added benefits of a Home Owners Association (HOA), potential amenities otherwise cost-prohibitive in a conventional house. First, however, it’s important to find a real estate agent to work with. By partnering with an agent, you’ll be able to find a condo that meets your needs, within your budget and assistance with other essential details that you may not be aware of concerning condos in Indianapolis. We are here for you at Westfall Real Estate Group. We know the area well and are on top of all the information you need. We want to help you find your new home with a smooth and easy process, including these three important questions:

1.     Is the Condo you Are Considering A Condo from Inception, or Is It Part of a Multifamily Unit Conversion?

While this may seem like an odd question, we have found many times where a multifamily unit is not as high in quality as a built-as condo unit. Some installations like soundproofing are not done to perfection with such many multifamily properties. When a property was intended to be a condo right from inception, it will typically have soundproofing that fits it best. Additionally, there may also be financing issues with a condo in a converted property, which we can help you navigate.

2.     What New Developments Are Likely to Occur Near My Condo?

It’s important to ask this question; as Indianapolis is a growing community, we’ll make sure you know what’s happening in the immediate neighborhood. For example, a perfect Condo with a balcony view of downtown won’t have the same appeal if you know there is a new building planned that will block the view. Of course, we cannot guarantee it won’t happen, but we can find out if it is coming any time soon. We take time in our regular course of business to understand where new developments are coming in neighborhoods.

3.     What Is the Ratio of Renters to Owners?

Getting this information is essential for several reasons, including how it affects financing and insurance requirements. Condos that have a high number of non-owners generally mean the condition of the condos may not be as good as owner-occupied units. Additionally, renters are more likely to move than owners, which can lend to noisier hallways, blocked entries during a move, and parking lot jams.

Of course, you may have other issues to address that are just as important. This may concern any pending assessments and HOA dues, among others. At Westfall Real Estate Group we can provide all the information to make your purchase of a condo seamless and regret-free. Call us today!

 

Blog author image

Adam Westfall

I have been a Realtor and a member of NAR (National Association of Realtors) and MIBOR (Metropolitan Indianapolis Board of Realtors) since 2016 and have served on the MIBOR Grievance Committee since ....

Latest Blog Posts

Why Curb Appeal Helps Sell Homes

Why Curb Appeal Helps Sell Homeshttps://kvcore.exprealty.com/059c1b80-7be9-42cf-8cf9-a2f2eef4bd0a" alt="A picture containing grass, sky, outdoor, houseDescription automatically generated" v:shapes=

Read More

Things to know when buying a condo in Indianapolis

Issues to Address When Buying a Condo in IndianapolisOne of the most vibrant real estate markets in the United States is in our hometown, Indianapolis. It is a city that offers us a variety of

Read More