Important Elements You Know Before Buying a Condo

Realtor

If buying a house was one of your many new year’s resolutions, you can still make it a reality. With so many condos to choose from, it’s important you carefully consider your options before buying. In recent years, real the estate industry has been plagued with condos for sale at affordable prices, making it possible for people to own homes. However, finding one that suits your housing needs can be an overwhelming experience. In fact, statistics suggest that 52% of home buyers indicated that getting the right property as the most challenging part of buying a home.

Nowadays, many people are opting to buy a condo over renting an apartment or buying a single-detached dwelling for various reasons. This trend may be attributed to factors like convenience in proximity to hospitals, schools, shopping centers; access to special amenities, affordability among other reasons. So, if you’ve decided to buy a condo instead, the following factors will help you come to terms with your decision.

Shared responsibility
One major selling point for condos is the fact that you and the condo corporation share certain responsibilities in repairing and maintaining the house. When signing the contract, ensure you understand your condo declaration, which states your responsibilities as well as those covered by the association. This will help you know which part of the house you are responsible to repair and maintain. But generally, your condo corporation is obligated to maintain common areas like gardens, elevators, fitness center, parking lot, hallways, and park.

Cheaper insurance
Since condo associations are required by law to have a certain type of insurance, as a condo buyer, you’re likely to secure insurance at lower rates. But this based on the type of insurance your association has subscribed to. That’s why it’s crucial to understand the association’s policy to find out what exactly you are expected to pay in terms of insurance rates. In addition, when looking for condos for sale, it’s always a good idea you speak to some independent agent who is not linked to any insurance company. Such an agent will help you find the best coverage at the most affordable rate possible.

Affordability
In most cases, condos will prove to be a more budget friendly housing option especially when it’s the only viable alternative to some costly, single dwelling homes. Obviously, the cost of buying a condo will depend on various factors such as size, location as well as market value of the property in that area. When talking with realtors, ensure you’re aware of the rent and every little cost you’ll be paying once the condo is yours.

Association rules
Apart from the insurance package your association subscribed for, condo living also expects you to adhere to the condo’s association rules. These could be anything from noise limits, pet rules to the kind and frequency you can receive visitors. So it’s important to digest the association rules to determine if the rules are well by you.

Lastly, most condos for sale will have reserve funds to finance repairs and maintenance. With these factors, you can now make an informed decision on whether condo living is the best choice for you or you need to consider more options.

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