If you have located your dream condo, hold everything. To prevent future problems, you have got some homework to complete.
What to know before buying a condo.
1. Condos are affordable
If you are searching for a cost-effective condo, you should expect many options in your budget. However, these options are spread. Every condo complex housing society has affordable homes which are good news for budget consumers like you. A good example is one yongo condo which is Toronto’s highly anticipated condo development being developed by Pinnacle International . A huge choice of cost effective condos is awaiting to be explored however you have to be cautious when trading with realtors.
Condos have rules that owners and tenants have to adopt. For instance, most condo managers prefer having a duplicate key to your apartment, discourage obstruction of common areas, control pets, deter abuse of mechanical systems just to mention a few. If you violate the regulations for the first time, you may be lucky enough to receive a warning letter. The next offense may lead to hefty fines. Be on the look out for condo rules and regulations before purchase.
3. Previous complaints
Peek at the minutes of the condo association gatherings to find out what current owners have been complaining about lately. For instance, if everyone is complaining about the defective plumbing or the gardener’s absence, know right away that the building is experiencing management issues.
4. Insurance cover
Ensure that you clearly understand what the association policy covers and what you are liable for to avoid confusion. A bright condo owner makes sure that his or her personal belongings are insured along with other things within the unit that are not included in the association policy. If you are having trouble reading the insurance language, take a copy of the certificate insurance to a trustworthy agent that understands state laws.
5. Legal matters presented by the association
Buying a family home without an attorney is no big deal. But with a condo, a lot more is involved. For that reason, it’s important that you contact a local real estate lawyer to go over the laws of the association. He or she can inform you if the laws make sense, are consistent with the state legislation and much more.
6. Additional fees
While monthly condo payments may be lower than a mortgage, note that most condo associations charge membership fees. It is an expense that helps pay for anything from lawn care to gate security to property maintenance. To make a sound decision, factor in the extra costs before signing the purchasing agreement.
7. Condos have reserve funds
Question about the condo association’s reserve fund before making up your mind. The reserve fund is the money set aside by the partnership to cover repairs to the shared property. If the reserve is small, then the management is questionable. Besides, it’s an indication that if a fire or harsh weather causes extensive damage to any of the common areas, the residents are likely to get a letter from the association notifying them that they need to pay a certain amount of money to cater for the repairs.
8. Renter friendliness
If the condo has many tenants, then the complex is renter friendly. However, if you notice that the tenants are few, maybe the condo is not renter friendly. Only purchase condos with many tenants as it a clear sign that all is well.