A condominium is a private, single-family home that neighbors other homes whether it is in an urban, vacation or normal setup. There is currently a huge market of condos for sale at flexible prices, but it can be difficult to get what you really want if you have no idea about what to look for. Here are 5 considerations to make before settling on a condo for sale.
1. Don’t Be Blurred by Emotions
According to some recent statistics, the prices of condos have dropped to about 25% from 2005. What this means is that condos are now more affordable for more people in most of the states. This is why it is important that you evaluate your options before striking a bargain, no matter how exciting the deal may look.
2. Building Insurance
Most condos for sale lack the community’s insurance coverage since condo associations are increasingly omitting these as a strategy for cutting costs. It is important that as a new owner, you obtain a copy of the original insurance policy from the seller and confirm the eligibility with your insurance agent. Purchasing a condo with insufficient insurance may bar you from attaining finances for development.
3. The Condos Budget
As a new condo buyer, you should insist that the seller gives you a copy of the condo associations’ budget. From the budget you will be able to see the total number of owners who are paying rent on the condos you’re buying near and those who are not. You will also see the unpaid debt that is owed to the association. Most buyers are normally advised to get a copy of the budget and this puts you in a better position to strike a bargain if you’re buying condos to re-sell or to rent.
4. Consider the General Community
Unlike the suburban owners who live in some kind of exclusion, buying a condo means you will have a lot of neighbors. Since you cannot choose who your neighbors are, the best you can do is evaluate the type of neighborhood the condo you’re buying in. Many people who put up their condos for sale soon after buying always give the reason that they have found noisy or annoying neighbors and are unable to continue living in the same neighborhood. It’s important to have a rough idea of the people living near the condo that’s up for sale; are they students? Are they working stable families?
5. Condo Buyer Beware
Buying condos is considerably cheaper than buying a house. However, one thing that you won’t be told in the condos for sale ads is that you will not only pay the price for the condo, but there
are also small payments that you’ll make based on the condo community that you’re buying into. There are association charges that could go up to $1000 a month depending on the location of the condo and the luxury it comes with, like gym, swimming pool or 24-hour security.
Although buying a condo may look like a smart move for saving some money, it’s important that you evaluate all your options before getting excited on condos for sale flyer or advertisement.