Shopping for Condos? Here’s 5 Things to consider Before You Buy

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Whether you’re looking to acquire your first home or simply just want to leave the responsibility of owning a house behind you, condos could be a great way to own a low maintenance home. You will find, however, a couple of trade-offs related to owning a condominium, so prior to taking the leap, ask these five questions.

1. Is the Building Insured?

Probably the most considerations to determine is whether your condo’s insurance policies are adequate. Insufficient coverage can cause serious financial burdens down the road or might allow it to be impossible to get financing. Guarantee the board has maintained adequate coverage about the building and verify the volume of coverage through your own insurance agent.

2. How Many Investors Are There?

If you’re going to finance your investment, your bank might find the dwelling a risky investment because of the number of investors and deny your loan. In case there are a lot of investors, this will make it harder to get banks ready to offer mortgages, that may impact the resale price of your own home, as well. As being a good guideline, make sure investors own less than 30 percent from the building.

3. Will This Suit your Lifestyle?

Condos are a fun way to possess a property while not having to personally deal with maintenance costs, because these are often bundled to your fees each month and taken good care of by professionals. Keep in mind that moving into a condominium entails joining a residential area, so make sure you’re confident with the volume of activity and noise you will be working with with your building.

4. Do you know the Condo Fees?

While it may suffer like you’re saving by buying Artra Condo as opposed to a house, keep in mind that the continued fees have to be considered. Find out beforehand how much you will be liable per month, and factor late charges to your budget prior to you signing on the dotted line.

5. Do you know the Reserves Like?

While it could possibly be difficult to get these details from the board prior to buying, many sellers will openly offer specifics of the property’s reserve funds. Seeing how much a building has rolling around in its reserve funds will help decide how well the board handles the finances from the building. The reserve is additionally useful for unforeseen costs, like broken pipes or new roofs. If your reserve cannot cover these costs, you might need to pay area of the bill.
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