A condo is a great option for home buyers because it offers convenience and a more affordable option to own a home while retaining the benefits of amenities. However, there are many people who go forward with buying a new condo without knowing or having the right information. Here are some things you need to know before going through with that kind of major investment.
1. YOU’LL NEED A REALTOR
Even though a condo isn’t the same as a single-family home, you still need to consult a realtor, especially if you’re a first-time homeowner. With the added purchase agreements and association costs, you may need someone who can negotiate prices for you. A realtor can also better match you with the condo you’re looking for. This can save you a lot of stress and hassle when it comes to searching for the right place to call home.
2. SHARED RESPONSIBILITY
What comes with condo living is the shared responsibility of any condo repair or insurance services. This means that any condo association fees or additional fees you may have are going towards community services, not just the individual unit, which brings us to—
3. CONDO ASSOCIATIONS
Most condominium communities have a condo association responsible for the upkeep of the community and condos. Make sure you carefully review any rules, restrictions, and fees the association requires as soon as you move in. Associations differ from each community, and they may have some requirements and fees you may not expect. In addition, pay attention or ask about any reserves the association has. If the reserves are low, that could be a sign of poor management or potential extra fees you may be hit with down the road to make up for that budget loss.