Saturday 25 May 2024

Investing In A Condo? – 5 Things To Do Before You Commit

Condos can be a great investment if you make the right choice. A qualified real estate agent will help you through the entire process and make sure you have all the facts. However, the final decision of buying still rests in your hands. This article lists 5 things you should do before you sign the dotted line and buy a condo. These tips will reduce the risk of regrets and help ensure you have made the right choice.

  1. Always Read The Rules

It is important to have a clear understanding of all the rules listed down by the homeowners association. Read all of them cover to cover and ask questions if you have any concerns. Make special note of rules that apply to you. For example, if the association has some special rules for pet owners and you have a pet, read them carefully to avoid problems down the line.

  1. Consider The HOA Fees

HOA fees can make a serious dent in your monthly budget, which is why you must consider it carefully. Take a look at the cost breakdown of the fees and make note of all exclusions. You might have to pay out of the pocket for those repairs, which can increase your expense. If the housing fees are too expensive for your budget, look at other alternatives.

  1. Take Time To Understand Governance

Not everything is managed by the condo association and some aspects of the property is the homeowner’s responsibility. Take the time to understand what is covered by the association and what you need to repair and maintain on your own dime. The unit is your sole responsibility and it includes the apartment. Most condos consider everything within the interior walls as one unit, including the appliances. Amenities are common elements and all owners share responsibility for them. You should also take note of limited common elements like mailboxes, entryways, stoops, stairs, etc.

  1. Talk to The Neighbors

Neighbors are an important source of information and will provide a deeper insight into the condo’s management. If you’re looking into 1100 Annunciation condos, knock a few doors and ask if the neighbors would be willing to answer questions. Most will be perfectly happy to help you out.

  1. Take a Tour of The Facilities and Amenities

Most Audubon homes and condos are well managed and in a good state. However, it is still important to conduct a thorough inspection of what the property has to offer. Just looking at your condo unit isn’t enough, you need to explore the entire property to understand what kind of state it is in. If the amenities and facilities are in poor condition, you might have to pay more money to the association to support future repairs. That’s why it is important to have a good understanding of the space.

Talk to your real estate agent and consider their advice carefully before you commit to a purchase. They have experience and knowledge of the market, which means their advice can help you avoid risky investments.