IS AN OFFICE CONDO A GOOD PURCHASE OPTION?
An office condo can be an excellent purchase option, especially for buyers who are interested in purchasing a space now vs. developing or building their own property, or who have a smaller size requirement. Those requirements could look like: 1,000 to 10,000 SF; or someone who want the benefits of owning but doesn’t want to take on all the ownership and management responsibilities of running and managing a property by yourself.
Most condo projects have an owner’s association that are professionally managed and handle the many vendors needed to properly maintain a commercial project, such as: exterior and interior maintenance, landscaping, janitorial, parking lot and roof maintenance, snow removal, fire and security monitoring, inspections and many more. They will typically handle the financial accounting and budgets for the property as well.
Buying a condo can be a great investment that can save a lot of time and money getting into, when compared to traditional purchases or ground-up construction. Likewise, you need to ensure the owner’s association is run properly and sound financially. An expert agent can help you fully explore this option and ensure you are making the best decision for your business, company or practice.