Condominiums are an ideal option for those looking for a maintenance-free lifestyle at an affordable cost. While they offer many advantages for a number of buyers and their families, it’s still important that you gather more information on this particular property type, as the process of buying a condo can be a little different compared to when you’re buying a traditional home.
Here are some great tips to keep in mind:
Take note of homeowners associations
Buying a condo is like entering a business arrangement with other residents who live within the condo development. Condos are managed by homeowners associations which are responsible for establishing rules for the community, maintenance and upkeep, and so on. Every condo has its own set of rules and restrictions, known as the covenants, conditions, and restrictions (CC&Rs), so be sure you’re fully aware of them before you make any decision.
You will need to contribute to the condo association’s budget
In addition to its rules and regulations, you will also need to get information on the condo association’s budget, so you have an idea of how much you’re required to contribute, and how the money will be used.
Try to find out if the association’s budget is being utilized properly, and is going towards important things like maintenance and repairs. Also be aware of outstanding debt from condo owners who failed to pay their dues. Stay clear of any association who refuses to provide information on their budget.
Know what amenities you’d like to have before you search for a condo
Each condo features its own variety of amenities, including swimming pools, children’s playgrounds, function rooms, club houses, fitness centers, and more. The maintenance of these amenities are covered by the association dues, so be sure the amenities offered are things you want to use regularly, so you can get your money’s worth.
Assess the condo unit and the development’s structure
Remember to take note of whether or not both the unit and the structure of the entire development are in good condition. You have the option of hiring a professional inspector, so you can get a detailed report of the property’s condition. This will save you from any potential problems you may discover later on after you’ve purchased the condo.
Make sure the community fits your lifestyle
Because living in a condo also means living within a community, you need to make sure it matches well with your lifestyle. If you’re a young professional for example, purchasing a condo in a mostly retiree-populated community might not be such a good idea. Also take note of what’s around the area, what transit options are available, proximity to groceries, and other things that are essential to your daily life.
Try to gather information from current residents
Strike a conversation with one of the existing members of the condo community so you can gain a clearer picture of what it might be like when you’re living there. Find out what they love or hate about living there, what they think of the management, what type of problems they encounter, and so on.
Looking for the perfect condo in Little Italy? Get in touch with me anytime by calling (619) 322-2262 or sending an email to Jorge(at)LittleItalyCondos(dotted)com.