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Tips on Buying a Condo

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Purchasing a condo is different from purchasing a single family residence. Condos offer services such as fitness centers, pools and tennis courts. People prefer condos since they require less maintenance and the flamboyant lifestyle of living in a condo. However, it is important to remember that every condominium community is different from the others with a unique set of rules, different amenities, association fees and Management Company.

Tips on Buying a Condo

Determine Whether a Condo iasdsaddsads suitable for you

Consider the pros and cons of owning a condo to see if a condo is a right fit for you and your family. In a condo, proximity to neighbors may be an issue to some people. You will have multiple friends’ condo next to yours, and you will not have your free standing. Another problem is that maintenance fee in most condos is usually included in association fees. However, most condos offer free lawn maintenance, exterior maintenance and snow removal services.

Association Fees

Most condos require you to pay either a monthly, quarterly, annual or bi-annual fee to cover common expenses such as maintenance and insurance. You can ask to see the financial statements to find out is the condo community has reserved funds in case a major repair is required. Find out how association fees are shared and where they are distributed.

Review Association Rules

Since most condos are close to each other, community organization have set rules to ensure peace in the neighborhood. Find out if the community restricts certain pets, and what types of pets are allowed. It is also important to enquire if the unit can be rented and if there are set quiet hours established in the rules.

Employ a real estate agent who has sold condos for some time

The purchase contract of a casdsdsdsadaondo is different from other residences contracts with various contingencies. While buying a condo, most communities require you to sign a contract that is separate from the sales contract before closing. This community contract you will have to sign stipulates that you understand fully understand and will comply with association rules and regulations. A real estate agent with in-depth experience in selling condos will guide you through every process.

Understand what the Condo Includes

Find out is the condo comes with a reserved parking spot, additional storage. Find out is the condo offers extra parking space for your guests and if the parking is in a covered garage. It is crucial to see if you will have to park before buying the condo.

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Tips On Choosing A Property Management Company

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Luxurious homes and private villas are becoming an attractive alternative for travelers looking for more than just a typical chain hotel. Property owners looking to rent can capitalize on this trend by working with Costello Realty & Management company. Property managers help owners by renting out and maintaining their properties.

Choosing a property management company

Do thorough research

Completing thorough research before signing a contract helps owners avoid aligning themselves with an unreliablesdfdsfsdf company. Check with your local chamber of commerce and industry associations like the Vacation Rentals Managers Association for reputable companies in your market area. Perhaps most importantly, meet with the staff of several potential companies to get an idea of how they operate.

Of course, it’s good also to get a feel for how potential management companies may treat your guests. What kinds of amenities will they provide to enhance your guests’ vacation experience? Look them up on travel review sites and read what guests have said about their experiences, but be mindful about looking for trends in the reviews rather than isolated instances; don’t make a decision based on just one negative comment.

Compare different commission rates

Owners should also compare the commission rates property managers charge in your market area and find out what services are included in their fee structure. If the rates are on the higher end, see if they are covering things like landscaping that might otherwise be an additional charge for you.

However, rates that are too low are not always ideal; the company may be making up for them with higher fees elsewhere, so be sure you know all the costs.

Consult a lawyersadsadada before signing any contract

Once you decide on a management company, it is important to make sure you get everything in writing. Because contract formats vary with each company, make sure your manager discloses as much information as possible.

Consulting an attorney can help ensure you understand everything going into the contract, which should include a detailed list of what your expenses are and what is included in the fees being quoted. Your contract should also define what the company covers repairs to avoid any surprise charges to you.

Choosing the best property manager is a grueling process, but it has an enormous impact on the success of your vacation rental properties. A rental home is a major investment, and a quality management company will treat it with similar care and attention to details as you would.

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