Whether you’re looking to purchase a home or just want to leave the burden of running a house behind you, condos can be a great way to own a low maintenance home. You’ll find, however, a couple of trade-offs related to running a condominium, so before you take the leap, ask these five questions.
1. Could be the Building Insured?
One of the most important things to find out is whether or not your condo’s insurance policies are adequate. Insufficient coverage may cause serious financial burdens down the road or could even allow it to be impossible to get financing. Ensure that the board has maintained adequate coverage about the building and verify the volume of coverage using your own agent.
2. The number of Investors Are available?
If you’re going to advance you buy, your bank could find your building a hazardous investment due to variety of investors and deny the loan. If there are too many investors, it is then more challenging to get banks willing to offer mortgages, which may influence the resale value of your house, also. As being a good principle, be sure investors own under 30 percent in the building.
3. Will This Suit your Lifestyle?
Condos are an easy way to obtain a house and never have to personally cope with maintenance costs, because these usually are bundled in your fees each month and taken proper care of by professionals. Do not forget that moving into a condominium also means joining a residential district, so be sure you’re comfortable with the volume of activity and noise you will end up dealing with with your building.
4. What Are the Condo Fees?
As it may feel like you’re saving when you purchase Artra Condo as opposed to a house, do not forget that the ongoing fees has to be taken into account. Discover beforehand just how much you will end up responsible per month, and factor late charges in your budget before you sign the documents.
5. What Are the Reserves Like?
As it may be difficult to acquire these details in the board before you purchase, many sellers will openly offer information regarding the property’s reserve funds. Seeing just how much a building has in the reserve funds might help determine how well the board handles the finances in the building. The reserve can also be utilized for unforeseen costs, like broken pipes or new roofs. If your reserve cannot cover these costs, you may have to pay part of the bill.
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