Considering buying a condo? If so, there are a lot of things you need to look for that are different than what you want in a house. The good qualities of a condo often go far beyond what is inside those four walls. Here are some key things to look for in a potential condo.
You should pay attention to how secure the building is whenever you go to a condo for a showing. Can you just walk straight into the building, or do you need to be let in with a key or passcode? Is there someone at a front desk when you walk through the door, or an empty lobby that goes straight to the elevator?
Security should be a concern for any condo building. No security at all means that the building is more prone to break-ins, theft, and vandalism.
The nice thing about community living in a condo building is that there are shared amenities between all residence. It may be as simple as a place to do laundry, where the maintenance of the washers and dryers is the responsibility of the condo association. Shared amenities can also include an exercise room, swimming pool, or even a shared open area where you can have gatherings.
Some weight should be put into these shared amenities, and if it makes the condo a worthwhile investment compared to another condo, you have been looking at.
One part of community living you may not be aware of is how every resident chips in for upgrades and repairs to the building. This can include needing a new roof, replacing the windows, tuckpointing the exterior bricks, or replacing the carpeting in the hallways.
It is typical for the cost of these projects to come out of the money in the community reserve funds, which are from HOA fees that are collected every single month. However, some communities do not have the funds to pay for these projects in full and request that the residents pay a special assessment to cover the costs of the repair.
Request a copy of the notes from recent HOA meetings. These should tell you everything you need to know about how much money the community has saved for repairs, and if major ones are coming in the near future. The last thing you want to happen is to get hit with a special assessment months after moving into a building, especially when the assessment was identified clearly in the meeting notes.
For more information, contact a company like The RandelleGreen Group.