Condos And Apartments
When it comes time to make a decision between various housing options, one of the choices that may be presented to you is a condo. Trying to choose the right condo; however, can be more difficult than it may seem. There are a number of factors that you should consider when choosing a condo in order to make sure that you find the right place to call home.
First, you should always look for a building that is well maintained. This is very important because failure to do so can lead to a lot of problems later on down the road. If the building is not well maintained when you first view it, it is probably a strong indication that much attention is not and won’t be given to the unit. Save yourself the trouble and look for another condo.
You should also take the financial status of the condo association in consideration, keeping mind that if the building appears to be ill maintained this can be a sign that there is financial trouble with the condo association. In the end, this could cause maintenance fees to rise. You could also have problems trying to resale later, if you desire. Don’t forget that you can request a copy of the most recent financial statement of the condo association. It is you right to do so and you should exercise that right without hesitation.
Also take the time to find out whether there are any major improvements or repairs scheduled for the unit. If you discover that there are, find out the estimated cost for these repairs or improvements. Keep in mind that if there is not enough money in the condo association reserve to cover these costs, then association fees may rise and you could end up paying for more than you bargained.
Always, always check the by-laws of the condo association to find out what restrictions and prohibitions may apply. Some of the most common include pet restrictions and sub-renting of the condo units. In other cases, you may discover that in the event you want to sell your condo, the board may have reserved the right to refuse any potential sales. These are the type of things you want to find out up front rather than later.
It’s also a good idea to perform some research to find out whether there have been any legal disputes regarding the homeowners association. You can research this by reading the minutes of the association meetings.
Don’t forget to find out the owner to tenant ration because the condo may have been purchased as an investment; in which case, there may be a higher percentage of tenants in the building. This may not always matter, but it could if the tenants do not care about preserving the integrity of the building.
Finally, don’t forget to take into consideration the same factors that would be important when choosing any other type of solution; such as close proximity to employment, shopping and recreational/entertainment centers.
