Condominiums are an ideal choice for those who want to live in a highly desirable location that’s close to the many amenities the city has to offer. However, there are several points that you need to consider before making the big purchase.
Here are the top 6 questions to ask before buying one:
- What are the monthly association fees?
The majority of residential communities have a homeowners’ association (HOA) and the same goes with a condo. But unlike a single-family home, condo owners are not responsible for the repairs and maintenance of their unit and of the common areas. This is where the condo’s HOA comes in.
They are the ones responsible for the condo’s repairs and maintenance; all you need to do is to pay the regular monthly fees.
When shopping for a condo, ask about the monthly dues and details of the services included in the package. Knowing how much you’ll be paying every month will give you a good indicator of whether the condo unit you want is one you can afford or not.
- What are the community rules?
Every condominium community has its own rules, as set by its HOA. These rules give a breakdown of changes you can make to your unit, the available
parking spots inside and outside of the building, and the amount of noise you can make.When it comes to pets, condo associations also have rules for the number, kind, and size of pets allowed.
- What is the rental policy?
Many condo buyers with plans to rent out their property make the mistake of purchasing a unit without researching about the condo association’s rental policy. Do note that some condo associations do not allow owners to rent out their property; others put a limit on the number of renters allowed.
Talk to your condo association and ask about the rental restrictions. If the condo association does have a rental cap, you might end up on the waiting list if the rental cap has already been met.
- Are there designated parking spots?
Those with vehicles should know about the availability of parking space and the number of vehicles allowed by the condo association. Most condo associations will either assign a certain parking spot to your unit or impose a monthly parking fee. Ask about visitor parking, as well.
- What is covered by the condo association’s insurance policy?
Before buying a condo, it’s important to learn about your condo association’s insurance policy. Condo insurance typically covers the exterior, structure, and common areas of the building. Some condo insurance policies also cover your personal belongings in the event of fire or water damage.
- Does the condo have any pending litigation?
When a condominium association has pending litigation, it becomes more challenging for the buyer to obtain financing. Most conventional lenders may be hesitant about loaning money to purchase a property with ongoing litigation. In this case, buyers may need to look elsewhere for their mortgage.
Find condos for sale in Little Italy, San Diego, CA with the help of trusted and experienced real estate agents like us at Little Italy Condos. For more information, call 619.322.2262 or email Jorge(at)LittleItalyCondos(dotted)com.