Have you always dreamed about having a place of your own with a view that faces the water? If you live in the city, the only way this may be possible is by purchasing a condo. Before you put in an offer on a property that you've fallen in love with, consider the following two things.
Is There Future Development Planned Around The Building?
If you are going to purchase a place for the view, the very first thing you should look into is what kind of development has been planned in the area for the future. You do not want to own a condo that is known for the view, only to discover than in a few years a new building will go up and block your beautiful views.
It is worth doing some research in the area to figure out what other development is planned for the future. You may be surprised to learn that there is already a building that is in the process of going up but hasn't broken ground yet. This may be why the condo you found is such a good deal—because the owner knows that the view will be gone in a few years.
This is one area where your real estate agent will come in handy. They'll be able to figure out what real estate around the building is for sale and what that land can be used for. You may discover that a small building is up for sale, but it is scheduled to be torn down for a new high rise.
Even if there is other development happening around the building, it may not matter that much if the condo is located high up. While you are going to pay more for that unit that is high up in the building, it will help ensure that your views are not blocked by future development.
Does The Building Allow Subleasing?
When a condo has such a wonderful view, owners within the building are typically going to try to take advantage of it. Find out if the building allows owners to sublease their units. This can be a pro or a con. You may have a desire to live in a building with just owners, since they tend to be more respectful than renters. However, you may want to sublease your waterfront condo one day, which means that the ability to sublease the unit in the future is a necessity.
Contact a real estate agent for help with finding waterfront condominiums for sale.