Buying A Condo? Ask These Questions First

Condos are a popular choice for individuals who are interested in becoming a homeowner but do not want or need an actual house. Condominium living offers the freedom of high property costs and extensive maintenance while also providing the benefits of getting out from underneath renting. Prior to investing in a condo, however, you need to make sure that you get all of the information that you need so that you know what you can expect from owning a condo. Keep reading to learn a few questions you should ask.

What Exactly Does the Condominium Include?

Condo towers tend to feature an assortment of upscale amenities. To compare condominiums properly, you will want to ensure that you ask the manager about the perks that will be at your disposal if you decide to buy. Some of the most common amenities that come with living in a condo include swimming pools, fitness centers, parking, club rooms, and 24-hour security.

What Are the Condo Association Fees?

When you purchase a home, you will be responsible for costs associated with landscaping, maintenance, and the like. When you purchase a condo, you will be responsible for paying a monthly association fee that will cover these types of costs. Find out how much the monthly or yearly dues will be and what exactly these dues cover.

Generally, the condo association will have reserve funds that will cover significant costs like building renovations, roof replacement, etc. You should also inquire about this reserve fund, because if it is low, it may be a sign that you will have to fork over the money to cover repair costs in the event of a severe fire or significant weather event on short notice. Alternatively, a low reserve fund could be indicative that the condo is not run well.

What Are the Condo Association Rules?

Condos are a community that is shared by its residents, which is why the condo association will have certain rules that you need to abide by. These rules may include regulations that pertain to pet ownership, subleasing, sound curfews, and remodeling. Make sure that you are familiar with all of the rules that the association has set forth before you purchase a condo to ensure that you are prepared to follow them.

If you are thinking about buying a condominium, the aforementioned questions are ones that you will need the answers to so that you can make a well-informed decision. If you are interested in buying a condo, work with a real estate agent to look at condos in your area, such as the Wynmoor Village condos.