If you buy a house, you can feel pretty autonomous. Basically, you can do whatever you want with it. Of course, there will be building codes that affect all houses in your area, but you will have a lot of freedom. As long as you clearly assess the place’s physical condition and have the right payment structure in place, you’re in good shape.
Buying Condos, However, buying a condominium – commonly called a condo – is a whole different story. The purchase of a condo involves a number of unique considerations. If you want to be happy with your purchase, you should go over this checklist first.
Management, for one thing, you’ll want to know if the building is professionally managed, or if they expect tenants to collectively manage it. This will make a significant difference for you as an owner of a condo in the building. If the owners expect tenants to manage the building, find out what responsibilities that will involve. If they have professional management, set up a time to talk with them before you sign. That way, you can make sure that you’re comfortable with how they handle things.
Ownership vs. Usage Rights, Of course, you want to know exactly what is included in your purchase. The condominium itself will be yours if you buy it, but what about storage spaces and parking places? The ones assigned to you might be your property, or you might simply be buying usage rights. Owning them outright is better if possible, and may be negotiable.
Master Insurance Policy It will also be good to ask exactly what the master insurance policy for the building covers. Once you find out, you can determine exactly how much coverage you need to buy directly through an additional insurance policy. Either way, it will significantly affect your regular costs.
Rules Anyone who has seen the TV sitcom Seinfeld knows that New York condos can have a lot of rules. Some might have very strict rules about what individual condo owners can have in their windows, what they can have on their porches, and so on. Others leave most such things up to individual owners. It is important that the rules at the building you choose are a good match for you, so you don’t wind up being unhappy.
Legal Issues Realistically, there are some condominium buildings that are wrapped up in legal issues. There may be disputes with past owners or grievances from residents of the neighborhood. There may even be disputes between current tenants. These things are worth investigating because of course, you don’t want to get wrapped up in pre-existing legal issues. You just want a nice condominium to live in.
Fees Last but not least, you will want to know what the monthly fees are. After all, you’re not paying a small fortune to buy a condo only to pay huge fees each month. Even when you establish that the fees are reasonable, you’ll want to know what they go to and that they are well-spent. This is a guest post by Marianne Ross, a freelance writer. She is very interested in housing topics and shares her latest info’s on various blogs.