When purchasing any kind of property, there are many considerations that come into play. This also applies when one is buying a condo. However, there are a few unique aspects that only apply to the purchase of a condominium. With a condo, you should go for one with a credible homeowner’s association by visiting this link. This is majorly due to the convenience regarding maintenance of shared amenities. Therefore, it is necessary to understand the rules governing the condo of choice beforehand. Below is a condominium buyer’s guide.
The association’s monthly fee
To anticipate on the amount that you will be required to pay when purchasing a condominium, it is prudent to know the monthly fees payable to the association. Additionally, get to know if this amount fluctuates from time to time. That way, you will be well informed of the amount expected from you. Also, compare prices of different condominiums and weigh the options before narrowing down to one.
Ascertain the association’s insurance policy
Many homeowners associations subscribe to some insurance coverage. However, assuming that the insurance policy has adequate coverage would be a big mistake. Get a deeper understanding of the insurance coverage, inquire on what the insurance policy covers and to what extent in the case of loss.
Look at the by- laws and declarations governing the condominium
Condominiums are governed using some set laws. Some of the contents of the rules include units available, comprehensive description of property elements regulations, votes required to pass an agenda and restrictions among others. As a prospective condominium owner, you should carefully review all these to before making a purchase decision. Furthermore, you will understand how these declarations apply to the property and your degree of freedom once you own the condominium.
Inquire if there are any present litigations or if there has been any in the last five years
Proper and efficient management are the most important aspects of condominium administration. If these aspects are laking, you can be certain of on and off legal disputes. Therefore, for the sake of due diligence, make a point of knowing their past and present litigation status.
Inquire of the association’s financial reports
It is prudent to have a look at the association’s annual financial reports to review their income and expenses. With such a report, you can look at their budgetary allocations, adequacy, and availability of reserve funds. It is also key to inquire if financial statements are issued on a regular basis.