If you’re a first time buyer, but aren’t ready for to make a purchase on a single-family home, a condo can be a perfect choice. Whether you like to live in the city, need to be closer to work, etc., condos can have their advantages, such as building amenities, location, and ultimately price. However each building is different. Before making your final choice on your condo, consider these 6 things before buying.
1. Governance: Learn how your HOA (homeowners association) operates. How do they make decisions on big/small issues, that way you are not blindsides when there are changes to policies.
2. Property Management: Make sure you know who manages the property. Is it a third-party company or the homeowner?
3. Bylaws: Check to see if there are any rules or regulations that may restrict your current lifestyle. Each property is different, but some common bylaws are parking, pets, occupants, among others. This may help you determine if the space is a right fit for you.
4. Finances: Determine if there are reserve funds set aside in case of future maintenances needs. Review your finances to determine is it will be manageable.
5. Building Conditions: Consider getting a technical audit from the management company to see the current state of the building. Older buildings may end up costing you more to upkeep, however, along with a unit inspection, an overall building inspections is wise.
6. HOA Fees: Know what is included in your HOA fees as well as what the fees cover for the property management.
A condo is a great investment for anyone ready to make a purchase. With these helpful tips, you’re search can be made easier!
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