Know The FAQ’s While Buying A Condo
Are you planning to invest your money in buying a condo in an excellent location like the Hundred Palms Residences, which are gaining popularity in the recent times? If you are not able to get the right condo, you have the option of referring professional experts at realtormag.realtor.org and get some valuable tips. As a prospective owner, you can go through some of the Frequently Asked Questions (FAQ’s) and find the right answers before making your final decision or signing an agreement with the seller or your real estate agent. This article is primarily intended to give some guidelines and shared some list of questions for you to get started.
Do not hesitate to ask questions even if they are silly. You have every right to question yourself before parking you hard earned money on an investment. Few basic questions are listed below for your easy reference.
Who will be your neighbors?
Knowing the people around makes a lot of difference while you are committing to live among them. Check for the details of the major complaints they air during the board meetings and get the minutes of the meetings to assess your overall judgment about the people as well as the problems they encounter.
What are the neighborhood amenities?
Most condos are carefully designed neighborhoods that are packed with amenities. You may find different facilities like a swimming pool, playground, walking paths, meeting rooms, recreation center, or simply green open spaces in your condominium community. This can help you build friendships with your neighbors. Some communities even offer security and gates to help keep those who do not belong from getting inside. This can help your family feel more secure in your new home.
Are parking and storage spaces available?
Many condos offer personal storage place that can be used for parking and to store some personal materials that cannot be housed into the condo.
Is the condo insured?
Ask for the insurance coverage made for the condo you intend to buy and get a copy of the same. In the case of any doubt clarify the points with your insurance company or agent.
What is monthly maintenance fee?
This will be a recurring cost, and hence you need to find the right amount that had to be paid to the association. Also, ask for the annual increase of this fee so that you can plan your family budget for long years.
What are the general rules?
As a buyer, you need to know the rule of the condo association and the local administration mandatory rules while buying a condo. Things like property tax, other taxes have to be clarified in advance.
Buying a condo is not at all a small matter as there are lots of things to be checked before buying the property. Such factors are not binding when you are living in a single family house. It is, for this reason, a buyer has to look into several factors while buying a condo. Besides the FAQs mentioned above, there can be innumerable things that need to be clarified before buying your dream condo.