Buying any condo is a large investment, one that should be done only after a proper research is done. There are various different things that you want to take into account before making the final commitment. While much advice can be offered, let’s focus on some practical tips that will make your choice simpler and will help you to buy a great combo in a shorter time frame.
Research Condo Association
This is one of the very best condo buying tips that are rarely offered. You want to understand how strong the neighborhood is from a financial point of view. Associations will make sure everything is controlled, repairs are made and grounds will be maintained. Condo owners have to respect what the association dictates so it is worthwhile knowing as much as possible about it.
What is particularly important is to check the reserve. For instance, the new construction condos at Auberge, Fort Lauderdale have a considerable reserve fund that practically guarantees repairs will be done fast when needed. If such a reserve fund is not present, future problems can always appear. The reserve fund is basically a great way to assess association health.
Set Up Your Very Own Emergency Fund
In most situations owning a condo is less expensive than regular home ownership because most costs are going to be shared by the members but money will still need to be necessary to cover cost shares. You never know what happens and you may need some money when you least expect it. At the same time, the association does not cover different repairs or purchases that you will do in your home. That is why you do need to have some money set aside besides what you pay for condo purchase.
See What The Neighbors Are Like
Your needs are different than those of another person when thinking about what a happy and comfortable home means. As a simple example, if you are a working professional that is very busy, you definitely do not want to be close to a condo that is filled with many college freshmen. Similarly, those that are retiring may want to be close to other people that are older. Your preferences have to be considered when you buy a condo so there is absolutely no problem in being sure that the neighbors will fit the lifestyle you have.
Discuss Maintenance Arrangements
Generally, the condo association is taking care of maintenance for all common areas. However, this does not mean that what you consider routine maintenance is exactly what the association does. There are condos that are rougher and you want to discuss such details before making the purchase. See what your responsibilities would be and what the association will have to take care. Keep in mind that many associations will take full responsibilities for patio maintenance bot others will not have this on the to-do list. The other really gray area that you should talk about includes windows and roofs since these are normally very costly repairs.