A lot of people are interested in buying a condo these days. Buying a Prince Charles Crescent condo is one of the ways for them to get their first home, after all. Another reason why people buy the condo is so that they can downsize from a larger home. There are many other reasons why people get interested in buying the condo.
It is definitely a good idea to make the purchase. However, just remember that living in a posh condominium unit is quite different from when you are living in a single-family house. When you are living in the condominium unit, you owner the inside of your unit but not the outside. There are rules, fees, and neighbors to bear in mind.
If you do not want to get stuck with skyrocketing fees, strict rules, or nosy neighbors, then you better ask questions before you go ahead and sign your name on a contract. It is a must for you to understand what it means to purchase the said unit. Here are the questions that you should take into account when you are buying a unit.
First, it is only natural for you to get a copy of the bylaws and covenants that cover the living in the said condominium. Be sure to inspect it thoroughly so that you do not end up living uncomfortably in that new home. When it comes to the bylaws and covenants, you have to learn about having pets, installing satellite dishes, and similar ones.
Ask about the management of the complex. It is a requirements for you to ask whether the condominium unit is self-managed or not. If it is self-managed, then the entire decisions regarding the living in the complex will be dependent on the Homeowners Association Board. They are the ones who will determine what rules to implement in the complex.
Ask about the turnover rate among the elected Homeowner's Association Board members. The board members are basically the ones who decide on everything related to living within the complex from the assessment fees to the installation of a unit owner of a canopy over the patio. If the members frequently resign, then there are turmoil existing with the board.
It is also a must for you to find out just how many units are owner occupied. The owner occupied condo units are often kept in good repair than the rental units. It is also easier for the banks to extend mortgages to the buyers when they are obtaining a unit at a complex where the owner occupancy is quite high.
Ask about the developer. You have to know more about the ownership rights the developer has over the amenities of the complex. Know that there are those developers who have retained their ownership rights for some amenities in the complex, they charge fees for using them, and gradually raise the fees over time.
Ask about the assessments have been levied on the condo owners recently. You also have to know how often the new assessments are being implemented. If the complex is older, you will probably get frequent assessments over things like the roof and other electrical upgrades.
It is definitely a good idea to make the purchase. However, just remember that living in a posh condominium unit is quite different from when you are living in a single-family house. When you are living in the condominium unit, you owner the inside of your unit but not the outside. There are rules, fees, and neighbors to bear in mind.
If you do not want to get stuck with skyrocketing fees, strict rules, or nosy neighbors, then you better ask questions before you go ahead and sign your name on a contract. It is a must for you to understand what it means to purchase the said unit. Here are the questions that you should take into account when you are buying a unit.
First, it is only natural for you to get a copy of the bylaws and covenants that cover the living in the said condominium. Be sure to inspect it thoroughly so that you do not end up living uncomfortably in that new home. When it comes to the bylaws and covenants, you have to learn about having pets, installing satellite dishes, and similar ones.
Ask about the management of the complex. It is a requirements for you to ask whether the condominium unit is self-managed or not. If it is self-managed, then the entire decisions regarding the living in the complex will be dependent on the Homeowners Association Board. They are the ones who will determine what rules to implement in the complex.
Ask about the turnover rate among the elected Homeowner's Association Board members. The board members are basically the ones who decide on everything related to living within the complex from the assessment fees to the installation of a unit owner of a canopy over the patio. If the members frequently resign, then there are turmoil existing with the board.
It is also a must for you to find out just how many units are owner occupied. The owner occupied condo units are often kept in good repair than the rental units. It is also easier for the banks to extend mortgages to the buyers when they are obtaining a unit at a complex where the owner occupancy is quite high.
Ask about the developer. You have to know more about the ownership rights the developer has over the amenities of the complex. Know that there are those developers who have retained their ownership rights for some amenities in the complex, they charge fees for using them, and gradually raise the fees over time.
Ask about the assessments have been levied on the condo owners recently. You also have to know how often the new assessments are being implemented. If the complex is older, you will probably get frequent assessments over things like the roof and other electrical upgrades.
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