When it comes to buying a condo, there are many things you need to consider. You may be thinking about the size and location of the condo, whether or not you want one with an outdoor space, and if your budget can allow for what you’re looking for. There is no such thing as a “one-size-fits-all” when it comes to condos. What’s suitable for someone else might not work for you. Keep these things in mind before committing to buy!
Know the Fees and Special Assessments
The condo you buy should be a legal one with no outstanding bills, taxes, or water bills that need to be paid. It would help if you also cleared any dues related to the condo association before buying your unit. Get an inspection done for your condo when you buy it. It would help if you considered hiring a home inspector to do the job. Ensure that the roof of your building is in good condition and has no problems like leakage, cracks, etc. Also, ensure all electrical wiring and appliances are working correctly, so there aren’t any unpleasant surprises later. Finally, make sure there are enough amenities in the building like gym/lounge area, etc., so you don’t feel bored living there.
Read the Rules
Read your condo association’s rules because it has lots of rules that can change depending on the condo developer. So read them carefully and see if they would affect you as a homeowner. This crucial step will help you avoid future hassles with the condo association. If there is one, find out what your owner’s insurance policy covers and does not cover. Some policies only provide coverage if something happens to common areas of the property but do not protect individual units.
Calculate Possible Expenses
Many people are surprised by what they spend on their condos. It is essential to consider the cost of regular maintenance, utilities, and everyday expenses ahead of time to avoid unpleasant surprises later on. You must calculate first how much money you can afford to spend on your new condo. If you need renovations or repairs, the price will increase. To be on budget with your condo purchase, you must first list all possible fees and expenses associated with owning a condo apartment.
If you’re considering buying a condo, there are many things you should know before jumping in. Not only do condos come with monthly bills and taxes that need to be paid every month, but the maintenance fee can also really add up over time. What’s more, not all properties are created equal, so it’s essential to consider what your needs may be for both now and down the road as well! Here at Tres Amigos Realty Group, we have experts ready to answer any questions or concerns about condos- reach out anytime!