These days, you can bet that more people are taking an interest in the purchase of condominium units. This is due to the fact that they can easily buy Prince Charles Crescent compared to a single-family home. It is a perfect way for people to get their first home. It is also an alternative for them when they need to downsize from your current home.
While it might be a good idea to buy the said unit immediately, one should first know that living in this unit is different from living in a family house. It is true that you own the space within your unit but the outer structure and the ground which it is built is not yours. Therefore, you have rules to follow, fees to pay, and neighbors to consider.
If you do not want to get stuck with skyrocketing fees, strict rules, or nosy neighbors, then you better ask questions before you go ahead and sign your name on a contract. It is a must for you to understand what it means to purchase the said unit. Here are the questions that you should take into account when you are buying a unit.
First, you better ask a copy of the said condo's bylaws and covenants. It is important for you to inspect it so that you can be sure that you can actually live with their regulations. There are many things you have to know about, such as installing satellite dish, having pets, and other similar concerns for living.
It is definitely a must for you to ask if this condo complex is professionally managed. A self-managed condo complex is basically a place where the management is entirely within the decisions of the Homeowners Association Board. From the hiring of the people to work on the condo to the fees to be paid, the Homeowners Association Board is the one in charge of that.
Ask more about the Homeowners Association Board. It is very vital for you to determine whether the Homeowners Association Board has a high turn over rate for its elected members. When the turn over rate for the said board is quite high, then that is a sure sign that there are troubles within the said organization.
It is also a must for you to find out just how many units are owner occupied. The owner occupied condo units are often kept in good repair than the rental units. It is also easier for the banks to extend mortgages to the buyers when they are obtaining a unit at a complex where the owner occupancy is quite high.
Ask about the developer. You have to know more about the ownership rights the developer has over the amenities of the complex. Know that there are those developers who have retained their ownership rights for some amenities in the complex, they charge fees for using them, and gradually raise the fees over time.
There should be assessments levied to the condo owners so make sure to ask about it beforehand. Ask about the latest assessments levied to the owners. Also, ask how often new assessments are implemented. The assessments are more frequent when the complex is a lot older.
While it might be a good idea to buy the said unit immediately, one should first know that living in this unit is different from living in a family house. It is true that you own the space within your unit but the outer structure and the ground which it is built is not yours. Therefore, you have rules to follow, fees to pay, and neighbors to consider.
If you do not want to get stuck with skyrocketing fees, strict rules, or nosy neighbors, then you better ask questions before you go ahead and sign your name on a contract. It is a must for you to understand what it means to purchase the said unit. Here are the questions that you should take into account when you are buying a unit.
First, you better ask a copy of the said condo's bylaws and covenants. It is important for you to inspect it so that you can be sure that you can actually live with their regulations. There are many things you have to know about, such as installing satellite dish, having pets, and other similar concerns for living.
It is definitely a must for you to ask if this condo complex is professionally managed. A self-managed condo complex is basically a place where the management is entirely within the decisions of the Homeowners Association Board. From the hiring of the people to work on the condo to the fees to be paid, the Homeowners Association Board is the one in charge of that.
Ask more about the Homeowners Association Board. It is very vital for you to determine whether the Homeowners Association Board has a high turn over rate for its elected members. When the turn over rate for the said board is quite high, then that is a sure sign that there are troubles within the said organization.
It is also a must for you to find out just how many units are owner occupied. The owner occupied condo units are often kept in good repair than the rental units. It is also easier for the banks to extend mortgages to the buyers when they are obtaining a unit at a complex where the owner occupancy is quite high.
Ask about the developer. You have to know more about the ownership rights the developer has over the amenities of the complex. Know that there are those developers who have retained their ownership rights for some amenities in the complex, they charge fees for using them, and gradually raise the fees over time.
There should be assessments levied to the condo owners so make sure to ask about it beforehand. Ask about the latest assessments levied to the owners. Also, ask how often new assessments are implemented. The assessments are more frequent when the complex is a lot older.
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