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 is 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.
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 condo 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.