3 Tips For Selecting The Right Condo
Although many condos are designed to look more like apartment buildings, these residences are a considerable investment. With this in mind, you want to ensure you choose a place where you will be happy for many years to come. When you are viewing different condos for sale, there are various aspects to keep in mind.
Know Your Responsibilities
When you are viewing attached condos, you should be aware of what part would be your individual responsibility versus the collective responsibility of everyone in the building. For example, although you may own your individual condo, there may be shared parts of the building, such as the HVAC system. Since there may not be an overall owner of the building, such as a landlord or property management group, like for an apartment, you need to know how problems should be handled.
Another concern is problems that may affect everyone throughout the building, such as pest control services, whether preventative or to fix a problem. There needs to be a collective effort by everyone in the building to establish regular treatment schedules and not only treating a single condo.
Consider Structural Integrity
You may have higher expectations when it comes to a residence you plan to purchase it outright or take out a mortgage. When you have joined units, you want to be more meticulous about the structural integrity of your condo. This will include what, if any, sounds you hear when you walk across the floor. Some condos have floors and ceilings made from concrete to reduce noise from people walking, which can improve soundproofing of the residence. If there are units next to each other that are empty, see if you can have someone knock on the joining walls so you can determine how thin or thick the walls are.
Find Available Homeowners Association
Some condos have a homeowners association (HOA), which can be beneficial for condo living. If there is a HOA for the building, you should determine which additional costs are necessary to live in the condo. For example, you will need to pay dues and may have other expenses for the upkeep of the property. Before taking out a mortgage on the property, you may want to find out different experiences with the HOA from current and previous residents. If possible, speak with the HOA before signing any agreements and see if you can view an example of current contracts, bylaws, and fee schedules.
Condos are a great opportunity to experience upscale living at a manageable price. Before you agree to any contracts, make sure you thoroughly evaluate the property and know your individual and joint responsibilities.