Owning a condo means that you will have a title to your unit but share upkeep costs and other responsibilities of the property with the other owners. There are also shared spaces including hallways, recreation centers and also parking lots. There are some questions to ask when buying a condo. These questions will help you in making up your mind before buying a condo that will best suit your needs.
What are the rules?
Living in a condo will call for making adjustments to your lifestyle. This is because there are shared spaces that have rules which you are required to follow. Most have rules governing the use of the parking areas, your balcony among others depends on the condo locations. For example, the Daniels City Centre condos will be of mixed use with shared spaces and ample parking areas. When looking for a condo to buy, you need to find out whether you will manage to follow the rules to the letter without feeling that you’re being oppressed or demeaned.
What are the maintenance fees?
The maintenance fees are the charges one is to pay for the shared facilities or amenities like security, recreational facilities among others. One should find out the clear value of the fees just to be sure there are no other hidden charges that may come up once they assume ownership.
Are rentals allowed?
One should confirm whether there are any rentals in the complex. The future value of the condo may be affected if there are rentals since their price cannot match that of ownership. Some condos have a strict regulation concerning the issue of renting. Sometimes this can be to your disadvantage because you may buy the condo but not intend to live there at that particular time. Renting it will be the best option till when you will be ready to live there. If the rental regulations are that strict, then you should consider before buying it.
Are pets allowed?
Some condos do not allow keeping of pets. This may work for some who do not have any pets but may be a deal breaker for pet lovers. One should confirm this before they move in rather than moving in only to be told that they cannot have pets.
Will I be able to sell the condo?
One may decide to relocate from a particular location hence the need to sell all their property. One should find out whether it will be easy for them to sell the condo after buying it. If they are not easy to sell in that particular location, then one would rather not buy it.
Can the condor be bought by foreclosure?
When one has a particular price in mind, then they can also look for the foreclosure listings. Foreclosures are an easy way to guarantee one up to twenty percent less than the listing price. This can be a sure way to get the best for less. The main aim of the bank is always to recover their loan amount from the sale. One can get a very good deal from such.
With these simple questions, one can have the right information before making that purchase. More to that, one can have a lawyer to look through the status certificate to ensure it does not have any clauses that may deny the buyer quiet enjoyment of their condo.