If you’re thinking of buying your first home or simply just wish to leave the burden of running a house behind you, condos could be a fantastic way to own a low maintenance home. You’ll find, however, a few trade-offs linked to running a condominium, so before you take the leap, ask these five questions.
1. Could be the Building Insured?
Probably the most important things to discover is whether your condo’s insurance policies are adequate. Insufficient coverage can cause serious financial burdens down the road or could even ensure it is impossible to get financing. Make sure the board has maintained adequate coverage about the building and verify how much coverage by your own agent.
2. The amount of Investors Are There?
If you are planning to invest in your purchase, your bank could find the structure a risky investment due to the quantity of investors and deny your loan. In case there are a lot of investors, this makes it more difficult to locate banks ready to offer mortgages, which could have an effect on the resale valuation on your property, as well. As a good guideline, be sure investors own less than 30 % of the building.
3. Will This Match your Lifestyle?
Condos are a good way to obtain your house without needing to personally cope with maintenance costs, as these are usually bundled in your fees each month and taken proper care of by professionals. Do not forget that living in a condominium also means joining a residential area, so be sure you’re comfortable with how much activity and noise you’ll be coping with inside your building.
4. What are Condo Fees?
Whilst it may feel like you’re saving by buying Artra Condo rather than a house, remember that the fees has to be looked at. Find out beforehand simply how much you’ll be on the hook for every month, and factor additional fees in your budget before you sign anything.
5. What are Reserves Like?
Whilst it may be difficult to acquire this info through the board before you purchase, many sellers will openly offer specifics of the property’s reserve funds. Seeing simply how much a building has in the reserve funds may help determine how well the board handles the finances of the building. The reserve is also useful for unforeseen costs, like broken pipes or new roofs. If your reserve cannot cover these costs, you may have to pay section of the bill.
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