Buying a condo can be the best investment or the worst investment you will ever make. A wrong move will see most of your money get used up as maintenance fees by property management companies. There are very many condos facing foreclosures and delinquencies. However, all is not lost, it is still possible to get good condo deals. You need to ask the right questions, and consider some factors, though.
Tips for buying a condominium
1. See it as a business opportunity
Just like any other business opportunity, you need to find out the vital aspects like financial stability, how the place is managed, general community stability, and any other issues. Get a copy of the association’s budget. The seller, being the owner can ask for a copy of the association’s budget and give it to you, as a potential buyer. Look out for things like the outstanding debt owed to the association, and the percentage of owners who are not paying their dues.
You also need to know the monthly fees. This allows you to budget efficiently. Look out for fluctuating fees or hidden costs. Ask for all the paperwork that you can.
2. Know yourself
You need to be very honest with yourself. Would you enjoy the community life in condos? Are you married? Do you have pets? What is your mode of transportation? Will you need extra storage space? You need to consider your needs and preferences before you choose a condo to buy. The needs and …