A condominium or condo can be a very exciting and large purchase for anyone. Before you buy a condo, consider these tips for review.
Is This The Right Fit?
Living in a condo community space can be an exciting experience. Some people prefer the lifestyle of living in a communal space while others may overlook the factors that come along with it. Condo’s are very different than a single-family residence. Owning a condo entails close proximity to your neighbors, only a wall separating your living room to your neighbors. Rules and regulations that come along with living in a condo can be a determining factor. Knowing what kind of maintenance is done around the area and what sort of fees you will have to pay for those services are all questions you should ask yourself while considering purchasing a condo.
In condo communities, there could be a fee included in your purchase. This fee is called the Association Fee. The Association Fee is a charge for services that the community provides for its residents. Anything from lawn maintenance to the luxury of having a pool and fitness center may be included in the association fees. Emergency situations should be taken into account when thinking about the association fees. You might want to consider getting an inspection done on the property that you are interested in. Search for any current problems with the property as well as inspecting for any potential expensive repairs. Inquire about the association having any funds to pay for these repairs. Look into if the association is thinking of adding any facilities like a pool or fitness center if they don’t have one already.
Look into who owns the condo community. Ask your potential neighbors about the services that they are getting and if they are happy with it. Research, the management company who provides the services for the community. Look to see if they manage any other condo communities and what the conditions are like there. Are any pending or past lawsuits against the management company? You want to avoid being blindsided by bad reviews and services from the management company.
Think About Your Future
Before you purchase your condo, consider what your future plans are or may be. Whether you are thinking about staying in the condo community for 2 or 20 years, it is ideal to have an outline of future plans to better make decisions about your condo. If you are considering buying a house in a next few years, research the appreciation of your condo to determine the best outcome of your condo purchase.