Purchasing Your Perfect Dallas Condo - What to Look for

By: Shawn Kohan

Searching for a simple way to sum up Dallas' real estate market?? Try 'The Year of the Condo.'

Dallas condos are luxurious, spectacular and awe-inspiring - and everywhere you turn. From uptown to downtown, Victory Park to Highland Park, Dallas condos are answering the needs of young professionals, urban families and hip, empty nesters.

No maintenance, no repairs and no security issues are just some of the perks of Dallas condos, as are the brilliant designs, the well-equipped interiors and the luxury amenities.

The question is: is one of these Dallas condos right for you?

Reflect Before You Start. Before you begin searching, hunting, researching and inspecting, take a step back and ask yourself a few questions. Which area of the city will best suit my lifestyle? How will I get to work? What type of home am I searching for - high-rise, low-rise or townhome?? What type of amenities am I searching for?

With the abundant condominium options available in Dallas, you will need to first narrow down your search by determining which type of condo and which neighborhood best reflects your style of living. The bottom line is: know your neighborhood and understand your needs.

Transportation is another key issue to consider. Do you plan on driving to work and, if so, is there convenient vehicle parking? Is there public transportation close by? Ultimately, the location of your condo, in terms of its proximity to your job and your interests, may your most important consideration.?

Don't Forget to Check the Details

Once you have found your perfect Dallas condo, there are a few important factors to assess before signing on that dotted line. The first of which is to examine the condo's association rules and regulations. These may include limiting the number and type of animals that you can have at any given time, the number of visitors you can have at any given time, when you are permitted to have work done on your unit, if you are able to rent out your unit and if you are able to reserve common spaces, such as party rooms.

Read all of the details of the homeowner's association and beware of strict by-laws and restrictions. Keep in mind that although the restrictions may be fine with you, they may not be fine with potential buyers when it comes time to sell.

Next, do your research on new Dallas condos, which includes researching the builder. Also, ask about the financial condition of the association or corporation that manages the property. This can give you a good idea about the stability of the maintenance fees. You can also ask to see past budgets and the current, projected budget to ensure that the building is fiscally responsible.
Do not forgo an inspection when buying a new construction. A qualified inspector will check the building's electrical, heating and plumbing, as well as the condition of common areas and the soundproofing of the building.

Also, do not forget to factor in the monthly assessment fees when determining what you can afford. Most monthly assessment fees include the maintenance of the common areas and the employment of doormen and the parking lot attendants.

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