Whether you’re looking to acquire a home or simply just want to leave the load of having a house behind you, condos can be quite a good way to possess a low maintenance home. You’ll find, however, a couple of trade-offs linked to having a condominium, so before you take the leap, ask these five questions.
1. Is the Building Insured?
One of the most significant things to discover is whether or not your condo’s insurance coverage is adequate. Insufficient coverage may cause serious financial burdens later on or might even help it become impossible to get financing. Make sure the board has maintained adequate coverage on the building and verify the quantity of coverage via your own agent.
2. The number of Investors Exist?
If you plan to invest in you buy, your bank might discover the building a dangerous investment due to amount of investors and deny your loan. In case there are lots of investors, it is then tougher to discover banks happy to offer mortgages, which can have an impact on the resale price of your house, at the same time. As being a good principle, be sure investors own lower than 30 % in the building.
3. Will This Suit your Lifestyle?
Condos are a good way to own a home without having to personally take care of maintenance costs, since these are often bundled into the fees each month and taken proper care of by professionals. Remember that moving into a condominium entails being a member of a community, so be sure you’re at ease with the quantity of activity and noise you’ll be working with with your building.
4. Which are the Condo Fees?
While it may feel like you’re saving when you purchase Artra Condo rather than house, keep in mind that the continuing fees has to be looked at. Discover in advance simply how much you’ll be on the hook for each and every month, and factor late payment fees into the budget before you sign on the dotted line.
5. Which are the Reserves Like?
While it may be rare to find these records from the board before you buy, many sellers will openly offer details about the property’s reserve funds. Seeing simply how much a structure has in the reserve funds might help figure out how well the board handles the finances in the building. The reserve can be employed for unforeseen costs, like broken pipes or new roofs. In the event the reserve cannot cover these costs, you might have to pay the main bill.
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