If you’re looking to purchase the first home or just need to leave the burden of having a house behind you, condos is usually a good way to own a low maintenance home. There are, however, a few trade-offs connected with having a condominium, so before the leap, ask these five questions.
1. Could be the Building Insured?
Probably the most considerations to learn is whether your condo’s insurance plan is adequate. Insufficient coverage may cause serious financial burdens down the road or could even ensure it is impossible to get financing. Ensure the board has maintained adequate coverage around the building and verify the volume of coverage via your own insurance agent.
2. What number of Investors Are There?
If you are planning to finance your investment, your bank might find the structure an unsafe investment as a result of number of investors and deny the loan. If there are a lot of investors, it is then more difficult to find banks ready to offer mortgages, which may influence the resale value of your home, at the same time. As a good rule of thumb, ensure investors own under Thirty percent with the building.
3. Will This Satisfy your Lifestyle?
Condos are a fun way to obtain your house without having to personally take care of maintenance costs, because these are usually bundled into your fees each month and taken good care of by professionals. Do not forget that moving into a condominium includes joining a community, so ensure you’re confident with the volume of activity and noise you’ll be managing within your building.
4. What Are the Condo Fees?
Whilst it may suffer like you’re saving when you purchase Artra Condo as opposed to a house, do not forget that the ongoing fees has to be taken into consideration. Learn before hand just how much you’ll be on the hook for every month, and factor additional fees into your budget prior to you signing the contract.
5. What Are the Reserves Like?
Whilst it might be difficult to acquire this information through the board before you purchase, many sellers will openly offer details about the property’s reserve funds. Seeing just how much a building has in the reserve funds can help determine how well the board handles the finances with the building. The reserve is also used for unforeseen costs, like broken pipes or new roofs. When the reserve cannot cover these costs, you might have to pay the main bill.
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