Tips to Buy a Condo
Buy a condo is a big decision for those who are looking to enjoy there summers away from the hassle of living at home, but that is not all it is good for. Buy a condo is also an investment if done right, and that is why you have more than your heart to follow when making the choice of buy a condo.
- Set a budget and stick to it! Ensuring that you have a budget in place will stop you from looking at available options that are simply out of your reach.
- Consider where you would like to purchase a condo. Why not speak with a real estate agent to ensure that you are opting for an area where the property prices are not about to fall rapidly? If you plan on using your condo for more than just an investment then you should definitely visit the area and see if it is suitable for you before you splash out.
- Start browsing the internet and magazines to find out what properties are available. Whilst doing this remember your budget at all times. If you feel a house is going to need further development then remember this is a cost as well, so remember and account for it.
- Visit the condos that you have short listed and see if they have what you are looking for. At this stage try not to become emotionally attached to any options as this may lead to upset later.
- Contact your lawyer or one that is recommended by a friend. Never contact a lawyer that is recommended by a real estate agent because a conflict of interest may exist.
- Ensure that you get a survey done on a house before you buy. This is very important for everyone, including those who are buying a new condo or one that looks in tip-top condition. We have all heard the horror stories, so keep in mind this will be money well spent.
- The little book of "rules and regs". This is the rule book of the do's and don'ts. Even though you own the unit of the condo, doesn't mean you can build a storage shed on the roof. These documents are written with legal advise from attorneys, so it can get lengthy and boring.
- If you plan on selling another property to finance another then always make sure that the other is sold before you buy. You do not want to end up forking out for both properties at the same time.
- So who makes up the "Condo Association"? The answer, the owners, led by a President, Vice President, Secretary and Treasurer. The purpose of the association in the condo is to look out for the best interest of the owner of the complex. The money collected as condo fees is dispersed based on decisions made by this group of owners. It would be a smart move for the potential buyer to review the financial records of the association before making any final purchasing decision. There are written rules and regulations which makes it easy for you to review.
- Check who the neighbours are before you buy. We have all heard the horror stories of terrible neighbours, so make sure you avoid it for your holiday bliss. Why not go and knock on their doors and tell them you are planning to buy in the area? This could be a great way to get an idea before you buy rather than after.
- Ensure that you are going to be able to make best use of the condo before you buy. This means not only ensuring that you will be able to take time off work to enjoy it to its full potential, it also means ensuring that you will be able rent it out if this is part of your plans.
- Don't forget the "Condo Fees". This is a fee established by the condo association, "the unit owners" and collected to cover the upkeep of the property. This includes the landscaping and insurance, and other things necessary for the init in the condo to maintain itself to the standards under which you purchased it. You are purchasing what is inside your walls. This includes maintaining insurance on your personal property inside the unit. Don't assume the condo fee will always be at the rate at which you first paid. The fee floats in order to prepare for upcoming expenses.
