Tips when buying a condominium can be a very fulfilling endeavor. The opulent lifestyle it provides as well as the spectacular views from its many balconies are something that can be very tempting. In many cases, individuals get a condominium unit not only for the chance to own a piece of luxurious living but also the opportunity to have it resold at a much higher price. Unfortunately, it can be a very risky investment if you don’t know what you are looking for.
It is very important to consider the 5 tips when buying a condominium as similar to entering into a business contract. As such, it is always important to look for a condominium with the mindset of a business person.
5 Top Condo Buying Tips
- Check the Condo Owners’ Biggest Complaints
It may not really sound so polite but it is your right to be informed of any existing problems in the condominium, including any litigations that may be ongoing. You may need to check whether the condo owners’ association is prompt and decisive in their actions or not. Are there owners suing other owners or the management team or even the condo developer? If so, what were the issues being raised and how were they resolved?
- Get an Idea of What the Condo Management Team is Like
Before buying a condominium, it is equally important to have a firm understanding of what the management team is like. You can talk to condo owners about the management team. A lousy condo manager can make living in a condominium a really grueling experience and get under your skin. Now, if the condominium is managed by the community of owners themselves, then it may be wise to seriously consider what it’s like to co-manage the community with them.
- Determine the Coverage of the Insurance
It is important to understand insurance coverage before buying a condominium. You may have to ask for a copy of the insurance policy of the condominium owners’ association. If these all sound too foreign to you, you may need to bring this copy of the policy to your insurance agent so you will have a better understanding of what you can expect.
- Understand the Association Fees
There are many factors that are considered in the structuring of association fees. Oftentimes, it depends on the number of units in the condominium, the maintenance costs of the whole complex, the type of condominium management, and budget for major repairs as well as litigation purposes. Make sure you understand all of these fees before buying a condominium.
- Check the Rules
You may have the best view in the world but if the condominium does not allow you to take some of your most precious possessions or even do some of the things you love doing, then what is the point?
Buying a condominium can be quite risky. That is why it is always best to look for the services of a real estate agent who specializes in condominiums so you will have a better chance of landing a good investment.