To some us, the term condominium might just be a new vocabulary. What really is a condominium? Well, then a condominium is a term used in real estates to imply a building or set of buildings containing a number of individually owned apartments. Hunting for a new home is stressful. Over the years, the condominium market has been steadily rising and there exist three types of buyers in the market.
- First-time buyers
- Part-time people looking for a second home
Different community condominiums (condo) have got different rules including association fees, amenities and the management companies. In case you purchase a condo a the right set of circumstances, it can be a great place though some critics term the condos as “glorified apartments”. The Rivercove Residences is perfect for setting up a home. Best tips when purchasing a condominium include:
The condo rules
Each and every condo has got it a different set of rules that govern stay in the condos. For example, the building might permit the only specific type of pets like dogs and not cats. Conducting illegal business means breaking the association rules.
Hire a real estate agent
The expertise of a real estate agent who has expertise in selling condominiums is highly important. The purchase of a condo is different from that of other residences as the said condo community will require a contract to be signed in addition to the typical sales contract. It is therefore important to work with an experienced estate agent able to distinguish the condos.
Ask about special assessments
A special assessment is a large fee that is charged to cover for a significant project within the community environs example being structural repair of a parking space. This is important because in case special assessment is in future plans, it makes it possible for an increment in the association fees for a period of time.
Know what the association fees include
Knowledge of the association fees is very important especially to the first time condo buyers. In general, fees paid may include insurance and maintenance. They may also include unnecessary amenities to you such as swimming, fitness centre or a country club. So it is important to have the knowledge where you are paying for other people services.
Know the condo’s financial
Go into the kept financial records and review the past and present funds and usage of condo emergency funds. It is important to also explore the special assessment of the building like leaking roof which might be small but very vital. There are many factors to be considered when purchasing a condo and to get the best, keenly have the best comparisons.