5 Things To Keep In Mind Before Buying A Condo

Posted on Nov 26 2016 - 3:07pm by Editorial Staff

So, you’re thinking about finding a new place to call home. Maybe you’ve been looking into apartments or townhomes, but now you’ve finally settled on buying a condo.

But wait! Don’t make this big decision off-the-cuff. Buying a condo is a big deal and many people don’t take into consideration all there is to think about while taking this big step.

Owning a condo is very different from renting an apartment or buying a single house, so we’ve compiled below some of the top things you need to keep in mind before buying a condo. After all, you don’t want to put down your hard-earned cash without having all your facts straight, right?

After you read this article, you should check out all of the Las Vegas condos for sale. It’s a fantastic place to call home when you buy your new condo there.

Have There Been Any Big Complaints at Association Meetings?

Condos are pretty cool in the sense that there are regular condo association meetings, where property owners get the chance to speak their mind about issues they’re facing with the property. Whether it be a dirty pool or something more significant, this is the place where all the dirty little secrets about the property are let out into the open.

What better way to figure out if this condo is really as good as it seems than to get your hand on the minutes from these meetings and see what’s been spoken about. After that, you can easily speak with previous owners or community heads to figure out if the issues have been fixed or if they’re still in the process.

If problems haven’t been fixed after a long line of complaints, then it’s a signal this property may not the best one for you to choose.

How’s the Insurance Looking?

Oh great, insurance. I can see your eyes rolling, but this is serious business and something you need to check out before you take out a mortgage on a brand new condo.

Make sure to get your hands on a copy of the insurance policy of the condo you’re buying. Take a strong look at it and what it covers. If you’re not an insurance expert, take it over to your own insurance agent and make sure everything is covered that needs to be covered. If not, this is something to take up with the community owners or even start looking at different condo options.

What’s Your Future Plan?

While some of us may not even know what, we’re going to have for breakfast tomorrow, when you’re buying a condo you should have a plan for at least the next few years. Are you going to be starting a family anytime soon? Will you want to move to a different part of town or an entirely new city or state?

If you’re planning on making big life changes in the coming months, it’s a good idea to keep that in mind when making the decision to buy a condo or not.

What Are Your Association Fees Going Towards Exactly?

If you weren’t aware, as a condo owner, you have to pay association fees to the community. These are used for general maintenance fees or for bigger improvements wanted by condo owners.

Speak with those in charge about where your association fees are exactly going. You don’t want to be paying into a pot of money and not know how it’s helping improve your community.

How Strict Are the Condo Rules?

Yes, there are some rules in a condo community, even though you are the property owner of your section. Make sure you are 100% sure what the rules are in your community and how strict they are. Are pets allowed? Can you make noise past a certain time? These are all things you should check with the community owners.

Buying a condo and becoming an official property owner is not a decision to be taken lightly. All the things mentioned above and more need to be researched heavily before laying down your hard-earned money. There’s no such thing as too much research!

Photo by Unsplash, CC0 1.0

About the Author

Editorial Staff at I2Mag is a team of subject experts.
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