Exclusive Tips For Buying A Condo

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.4t5y6u754y

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 preferences may vary, though, depending on whether you are buying the property to rent it out or make it your home. You need to make present considerations and even considerations for the near future. Get to know the rules, restrictions, by-laws, and corporation declarations. Check whether they are regulations that you can live by.

3. Go for board meetings

You may want to attend board meetings if there are any coming up soon before you buy a condo. Before you go for such a meeting, read the meeting regulations to actively participate. Here, you will get some insider information about the condo that will help you make a more informed decision.

4. Check for insurance

h67iiu,yumyjThis is something that many potential condo buyers overlook. Sometimes, the reason a condo may be cheap is that they dropped the insurance coverage or reduced it. This is a bad move for all the investors and stakeholders. Ask for the building’s insurance policy (master policy). Inquire from a reputable insurance agent on whether it is adequate. If the insurance is inadequate, it can make the condo ineligible for financing. Lenders see your condo as collateral.

5. Emergency funds

Some condo owners may be required to contribute to an emergency fund. The money is used for maintenance and general upkeep. Ask whether you are required to contribute towards such a fund as a condo owner.

Buying a condo is a decision that you need to make very consciously. Have all the facts right before you sign anything. You may save yourself a lot of trouble.

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Tips on buying a condo

Location

The location is a primary element that affects the value of any property, and this goes for condo units too. Usually, condo units in the metropolitan area have greater value compared to others that are located far from the city. It will not be surprising that after a year of purchase, the price can appreciate significantly. It is normal to see a 40 % increase within a period of one year.

Also, if you place a greater value on convenience and comfort, then a condo location accessible to work, restaurants and other places you frequently go to is ideal for you.

Condo rules and regulations

2222oiuLiving at Icona Condos you have to abide by the rules and regulations set by all residents. Some condominiums do not allow pets around the compound. So, if you have a puppy, you better see to it that it will not get you in trouble. There are condos which do not allow repainting or any minor changes within the unit. These are just a few of the limitations you might encounter when buying a condo. It is, therefore, essential to understanding the rules and regulations of the compound before closing any deal.

Developer’s reputation

It is wise to research about previous accomplishments of the developer of the condo unit you are eyeing on. This is true if the units are not yet completed and are still in the pre-selling phase. This will give you the certainty that the compound is going to be completed. Likewise, knowing the reputation of the developer will help you evaluate if the unit is worth buying or not. Developers who have established their names produce high-quality properties. You will not have to fear that the building will collapse in just one tremor!

Parking Space

Do you know that parking space is for sale too? It can even cost you thousands. If you have the money, then it will not be a problem. However, if you think the cost will be too much, then there is always a parking space for rent on a monthly basis. It will be wise to ask around to know the going rate.

Association dues

333lkjWhen you live in a condo, most often, you will be required to pay association dues. This fee will cover expenses relating to utilities used in common areas like electricity in standard facilities, a salary of security guards, water for watering the plants within the compound and much more.