In a real estate market that's highly dynamic and demanding, it's important that you understand exactly what you're looking for and what you're getting into before you try to buy any piece of real estate. Condos are no exception to this, especially if you've never bought or lived in a condo before. If you've been thinking about buying a condo, there are some things that you should be aware of to ensure that you make a choice that you're happy with. Here are some of the things that you need to think about when you're getting ready to buy a condo.
Factor In All Costs
When you're evaluating the cost of any condo that you're thinking of buying, you need to make sure that you're considering all of the costs associated with the property. That means not only the mortgage cost for the condo, but also the condo association fees, maintenance costs, amenity fees, and more. Remember that all of these costs are important because they contribute to the overall comfort of the property for everyone's enjoyment. And, even if you don't use the amenities, such as the pool or the gym, you're still expected to contribute financially to their upkeep.
Ask About The Maintenance Fund
Most condo associations keep a maintenance fund to help pay for upkeep around the property. Some of your association dues funnel into this account. Make sure that the association has a sufficient carried balance in that fund so that, if something costly comes up, the funds are accessible. Otherwise, you may face a condo assessment, which is an additional fee charged to each condo owner to pay for those costs. Things like roofing damage or parking lot problems often trigger assessments if there isn't enough money in the repair fund. Ask about the fund management before you agree to a condo on a specific property.
Read The Covenants
If you've found a condo that you really like, can reasonably afford, and is in an association that's well-managed, the next thing you need to do is consider the covenants. Often referred to as CC&Rs, the covenants, codes, and restrictions of the property dictate what you can and cannot do with your property. In fact, you may even find pet restrictions, guest limitations, and approval requirements for certain renovations. Make sure you're thoroughly familiar with the covenants and restrictions before you put in an offer.
These are some of the most important elements to know before you put in an offer on any condo. Contact a leasing office like one located at McComas Residential for more information.
Share29 March 2022
I have never been one of those people who loves to shop, which is probably one of the reasons I had such a difficult time choosing a house. I wanted to find the perfect little place for my family to grow up, but that was easier said than done. I knew that I wanted to work with a professional who could really grasp my vision and put me in a place that I would love, so I started focusing on finding the right professional. After a brief search, I was able to find a team of real estate brokers that I knew would do a great job. This blog is all about choosing the best real estate agent for your personality.
