The continuous increase in home prices has resulted to a surge in condo buying. Many buyers are turning to condos and town homes as these have become more affordable than residential homes. If you are among these buyers, you’ll need all the help that you can get to gain an edge over other buyers.
Important aspects to look at in your condo buying venture
You may think that buying a home involves a complex process. But you’ll be surprised to know that buying a condo has a more complex process with the number of aspects to consider and decide upon.
- Required payments, expenses, and costs.
There is more than the total contract price of the unit that you need to consider when purchasing a condo. It’s not as simple as knowing the final purchase price, planning for and seeing through the appropriate and convenient payment scheme. There are actually other types of expenses and payments that you will need to think about in condo buying.
Among these expenses are the homeowners’ association dues and special assessment fees. Association dues primarily include maintenance and repair costs. The special assessment fees are utilized to pay for repairs or improvements. These are paid on a monthly basis in addition to your monthly amortization payments for as long as you reside in the condo unit.
When inquiring about a condo unit, ask about these payments as well. Find out what other additional fees you will have to pay if you purchase the condo. If they don’t require their residents to pay a monthly amount for repairs, ask how they compensate for the needed repairs and upgrades. Some condo building associations will divide the repair and upgrade costs among all the residents of the condo building.
The type of maintenance included in the homeowners’ association dues will depend on the type of condo you have. Some of the maintenance services that may be included are washing windows, taking care of the yard, doorman service and cleaning and maintenance of all the common and public areas in the condo building. These may include a health center, the multi-purpose rooms, swimming pool, games and recreation rooms, and entertainment areas.
When comparing the monthly amount that you will have to pay, primarily consider what you are getting for your money. It also helps to think about how the condo building association handles delinquent payments.
Ask for a copy of the condo building’s or community’s financial documents. Review these with your real estate condo buying agent to look at upcoming assessments and confirm the association’s reserve fund, determining whether it will suffice for the needed upkeep and repairs in the future.
- Condo building or community rules, policies, and regulations.
Each condo building and community has different set of rules, policies, and regulations. Some even call it covenants, conditions, and restrictions or CC&Rs. Spend some time to review each condo building’s set of regulations before deciding to buy a unit.
These rules cover a lot of aspects revolving around living in the condo building. These often include restrictions on having pets living with you or to where your pets are allowed to wander or stay in the building. Others also include restrictions on the type of flooring that you want for your condo unit. If you have certain allergies that limit you to the type of materials used in the flooring or walls, you will certainly have to check with the building’s policies. They may also cover things like wall or window decorations and lawn and balcony furniture.
- Parking availability.
If you own a car, you definitely have to ask about the availability of parking spaces. Find out how many parking spaces are allowed per condo unit owner. If there is no parking space available in the building, find out where you and your future visitors can park.
Make sure you spend a lot of time considering these to ensure you are buying the right condo for you.
Give Jerry Pinkas Real Estate Experts now to learn more about condo buying.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your condo buying partners!