The purchase of a condominium unit is a different experience when compared to buying a house. While there are a lot of similarities, the fact that you will be sharing certain areas with other condo unit owners already makes it unfamiliar territory. These are six things everyone planning to buy a condominium should do before buying:
Know about the reserve funds of the condo
One of the most important things any buyer should know before signing a purchase agreement for a condominium unit is the condo association’s reserve fund. This is the term used to describe the amount that has been set aside for any repairs on the shared property in the future.
Reserve funds are a crucial consideration for a condo buyer. A condominium with a dangerously low reserve fund should set off a red flag in any buyer’s mind. This is because it signifies poor management of the property. Consequently, if a natural disaster or fire happens, there will be no fund source for the repairs. This will lead to residents having to bear the burden of paying for the repairs themselves.
Pick a good location
A major consideration when choosing the location of the condominium is the location. You want the condo to be accessible for you. Because of this, it should be relatively near the usual places that you go to.
Condominiums are about a relaxed and convenient lifestyle. So when you are scouting for a possible condominium to buy a unit in, think of the places that you regularly visit. Start looking for a condo around the vicinity of these places.
Research the neighborhood
You need to know what you are getting yourself into first before you sign the purchase agreement. Research what is happening around the area. For example, if your condominium is located in a business district, there is a big chance that you will be encountering heavy traffic during the peak hours. Also know the shopping malls, restaurants and attractions that you can visit on your free time.
Consider the building’s reputation
Just like people, buildings have reputations too. That can, however, be challenging to measure yourself if you are not immersed in the real estate industry. A real estate agent will be able to help you know about the building’s desirability in the market. Do not just be convinced by low prices and glowing endorsements. You will have to dig deeper as you will be investing a lot of money into it.
Still Hire A Real Estate Agent
You may think that you will no longer need to hire a real estate agent. If you do that, it can be the biggest mistake that you will make. In fact, you need agents more when buying condominiums. Condominiums present a whole lot of different issues that are not present in traditional houses.
Real estate agents are experts so they know how to navigate this tricky world. They have vast experience in matching condo buyers to real estate companies with condominium properties. They can make the entire process less complicated and easier for the buyer.
There have already been enough horror stories about buyers choosing to forego real estate agents by going at it themselves. Do not add yourself to the growing list.
Know The Fees
Traditionally, real estate properties with fewer amenities are cheaper and more affordable. This, however, is not always the case with condominiums.
Condominiums that are smaller or boutique in nature are likely to have a higher condo fee. This is because there are lesser people sharing the expenses.
When choosing a condominium, sometimes it is better to buy a unit in a condominium that is made up of bigger buildings with multiple amenities. This way, at least, you get to enjoy access to these home features as the total cost is spread around.
These are some important things to do before you make the big decision. If you can planning to by a condo in Los Angeles, check out this long listing of condo sale Los Angeles. Santa Monica has to be one of the most popular locations to live in California. If you want a condo there, condo sale Santa Monica can be a perfect place to start your search.
May 28, 2018