Hunting for a condo isn’t the same as renting an apartment or buying a house. There are a few nuances you need to be aware of so that you can enjoy a smooth transaction. This post looks at six different things for you to consider to ensure you buy the right condo for your needs!
1. Get Clear On The Rules
When it comes to condos, you have to follow a set of rules known as Covenants, Conditions, and Restrictions. These rules vary from condo to condo which makes doing your research incredibly important. The CC&Rs for your condo may affect your ability to own a pet, remodel your home and limit how much noise you’re allowed to make. Make sure your comfortable with these restrictions before making your final decision.
2. Get An Exact Figure On The Fees You Have To Pay
When looking at condos, keep in mind the fees you’re going to have to pay. Condo fees are determined by things like how many units in the building are occupied, projected maintenance expenses and the size of your unit. Make sure you factor in condo fees to your budget.
When considering if you want to pay the fees or not, take a close look at the condo. Check and see if the association regularly maintains the building or if they are just taking the fees and letting the building fall apart. Find out if they have any plans to add new facilities which can cause an increase in your fees once construction starts.
3. Make Sure Your Building Isn’t Under Construction
Something to keep in mind is to stay away from condos still under construction. You may find yourself in a situation where the construction seems like it’s never going to end. If the building is under construction, try and get a firm completion date. Find out if there is any recourse available to you if they go past the estimated completion date.
4. Get The Condo Inspected
A simple home inspection can save you a lot of trouble and help you avoid buyers remorse. An inspection of your condo can reveal structural flaws and other issues that will affect your investment. Make sure you get your plumbing and electrical setup inspected by a professional.
Another way to find out about the quality of your condo is to research the developers. Generally, developers leave behind a track record with their buildings. You can estimate the quality of your condo by looking at the reputation of the company who developed the building. If the developer is out of business, then there’s no legal recourse if major flaws are found in the building. Give yourself extra time to do your research before making a final decision.
5. Consider The Proximity To Your Neighbors
If you’re not used to living in a condo, you may be shocked by how close your neighbors are. Depending on the building design, you may have multiple neighbors attached to your condo. You’ll have to decide if this is something that bothers you and if you want to deal with the noise of living in close proximity to multiple families.
6. Find A Real Estate Agent That Specializes In Condos
Finding a condo is much easier when you use a real estate agent who specializes in condos. There are many different nuances in the buying process when compared to buying a home or renting an apartment. Working with a real estate agent who is experienced with these type of transactions will make the process much more manageable. Using an experienced real estate agent ensures important steps and documents aren’t overlooked.