If you’re looking to purchase a home or simply wish to leave the duty of buying a house behind you, condos can be a good way to own a low maintenance home. There are, however, a few trade-offs associated with buying a condominium, so before you take the leap, ask these five questions.
1. May be the Building Insured?
The most considerations to find out is whether or not your condo’s insurance plan is adequate. Insufficient coverage can cause serious financial burdens down the road or may even allow it to be unattainable financing. Ensure the board has maintained adequate coverage on the building and verify the quantity of coverage using your own insurance broker.
2. What number of Investors Is there?
If you plan to fund your investment, your bank might find your building a dangerous investment because of the variety of investors and deny the loan. If there are lots of investors, this will make it harder to get banks happy to offer mortgages, which could have an effect on the resale worth of your house, at the same time. As a good guideline, ensure investors own lower than 30 % in the building.
3. Will This Suit your Lifestyle?
Condos are a great way to have a property without needing to personally take care of maintenance costs, as these are usually bundled into your monthly fees introduced proper by professionals. Understand that residing in a condominium entails joining a community, so ensure you’re more comfortable with the quantity of activity and noise you will end up dealing with with your building.
4. Which are the Condo Fees?
Although it may suffer like you’re saving by buying Artra Condo instead of a house, do not forget that the continued fees must be taken into consideration. Uncover in advance the amount you will end up on the hook for each month, and factor late payment fees into your budget prior to you signing on the dotted line.
5. Which are the Reserves Like?
Although it could possibly be difficult to get this info in the board before buying, many sellers will openly offer information about the property’s reserve funds. Seeing the amount a structure has in its reserve funds can help figure out how well the board handles the finances in the building. The reserve is also useful for unforeseen costs, like broken pipes or new roofs. If your reserve cannot cover these costs, you might need to pay the main bill.
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