If you are thinking of purchasing a condominium unit, you must be well aware of the fact that condos are among the trending real estate properties and are experiencing the most transactions these days. This is mainly due to their affordability and convenience as they perfectly fit the requirements of both first timers as well as those homeowners who are looking to downsize their living needs.
There used to be a time when condominiums had a somewhat negative reputation among real estate properties. However, as of today, these units are earning much appreciation from prospective buyers and gaining quite considerable market value as a result. In some markets, condos are increasing in prices almost as rapid as the costs of single-family homes. The sudden spike in condominium unit purchases is mostly due to most condo owners finding out that these units were well worth the investment.
If you are also looking to avail the various benefits condos have to offer but don’t have much experience in real estate affairs then this guide will be quite helpful for you. First and foremost, before you consider buying any real estate property, let alone a condominium unit, you should know exactly what you’re looking for and exactly what you should be avoiding so you should end up regretting your purchase.
Some of the questions that you should have answers to, before you seal your condominium unit deal, are given below:
What are the monthly fees for the condominium?
Are there any unnecessary inclusions in the fee? Are there any additions such as extra charges for amenities you won’t be using in the fee? Consider scouting other condominium complexes nearby and compare their fees as well as additional charges with the one you are thinking of buying.
What is the reputation of the homeowners’ association looking over the condo community?
Consult your prospective neighbors, they’ll tell you how much satisfied they are (if they are at all) with the homeowners’ association service. Can they handle all kinds of repair and maintenance expenses or would they just leave them be? Make sure you ask the condominium board about the rules, by-laws, restrictions, covenants, conditions, and the latest financial assessments.
Does the community have its own property manager?
If the condominium community is handled by a professionally managed association that has their own professional condominium property manager looking after the community, it is probably the most favorable aspect for you. A professional manager will make sure the complex is properly maintained and all issues are dealt with accordingly.
How many renters are residing in the community as compared to owners?
You might want to avoid living in a condominium complex which has more renters than owners. This is mainly due to the fact that the more renters there are, the complex will remain busy with people leaving and moving in all the time. However, if you’re more of a people’s person then this is all the while better for you.