Category: Condominiums

All You Need to Know About Buying a Condominium

  • By Householders Guide
  • 12th April, 2011
Buying A Condominium

Whilst condominiums were commonly used as vacation homes in the past, more and more people are now purchasing condos for the purpose of all year-round residence.

Whilst many of these reasons are due to convenience, it is equally important to understand that it is the same type of 'convenience' that might not gel too well with certain people. This is where you have to make your decision before buying a condominium.

Condominiums are well known for having their own organized community. Within this community, there will be certain rules and regulations, and everyone is obligated to pay a monthly fee for maintenance costs, security costs, and any other type of essential costs that helps to keep the community running smoothly. For example, some of this money will go into a gardening service, whilst another part of the money might be put into keeping the exterior building aesthetically pleasing. This is the reason why a large number of people find the idea of buying a condominium worthwhile. Instead of having to worry about handling all of these issues themselves, they can simply spend that bit of money on a monthly basis with other homeowners, which in turn will ensure that everything is running smoothly.

Whilst this does seem like a great idea, there are a few challenges that will face you consistently. First of all, the majority of homeowners within your community has to agree on any issue that comes up within the meetings. Unfortunately, this never happens, as everyone has their own idea of what they believe should be a well-maintained community. Secondly, there are occasions where certain homeowners might not pay their monthly fees on time, which in turn can create problems for everybody. The last reason is that you might find that there are certain rules and regulations that do not gel with your lifestyle, such as not being allowed to have pets. So before buying a condominium, it is essential that you consider these points, as it will affect your overall lifestyle.

One of the first things to look at when considering to buying a condominium is the Homeowner's Association's bookkeeping statements. These statements will give you a lot of insight into how smoothly the community has been run. You will also want to take a look at the overall maintenance fees that are spent per month, as this can tell you whether or not your condominium and the areas around it are well-maintained. Take a close look at the minutes of the meetings from the Homeowner's Association, as this information will give you a good idea as to how the community gels together in terms of agreeing or disagreeing with certain issues. Lastly, consider your overall budget on a yearly basis compared to the required budget of the Homeowner's Association to ensure that you are able to afford living in the condominium that you are interested in buying.

All of the points mentioned above are crucial to help you in buying a condominium that will give you both a great living experience whilst at the same time not costing you an arm and a leg. More importantly, it will ensure that you are able to work with your community, because the last thing you want is to be on a constant battle with your neighbors all year-round.

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