Are you thinking of buying a condominium? Perhaps you live in a big house, and now that you are aging, you want to downgrade. Or perhaps an apartment is coming up in the neighborhood, and you want to get a fraction of the condos before the prices skyrocket. Living in a condo is all about lifestyle and owning one for renting is a good idea.
What To Look For
To buy a good condo, there are important aspects that must be considered. By asking the right questions, you can get a good value for your money once you close the sale. Below are some of the questions you should ask yourself, realtors, home owners and future neighbors in the process of buying a condo.
How long will I be here before the move?
This is a question to ask yourself before you commit to buying that condo. The appreciation rate for condos is much slower than single-family homes and selling within a few years may mean great losses. It may be impossible to predict the future, but it is important to determine how long you are willing to live in that community before buying the condo.
What are they common complaints owners and renters?
Ask for the previous meetings of the management of the condo. You will be able to know what people are frequently complaining about, and if you can put up with it, you can go ahead and buy the condo. Talk to renters and homeowners and you can get a glimpse of what they complain about most of the time.
What is the reputation of the property managers of the building?
Interview the building manager yourself and ask all important questions to determine their credibility. You can also talk to your future neighbors and current homeowners about the property managers. You need to get much information as possible because with a lousy manager you can have gruesome experience in your new condo.
How big I the storage space in the condos
Ask if there is extra storage for staff that cannot be in the house like bikes, luggage and winter skis. Most condos do not have a garage or an attic unless it is a townhouse.
What is their choice of insurance cover?
Ask for a copy of the insurance policy that the condo has subscribed to. Seek to know what is covered including the cost of the product. If the policy is confusing, you can have a copy to discuss with your insurance agent.