Congratulations on your decision to buy a condo! Homeownership has many benefits, such as building equity, tax benefits, and a stable place to call home.
Before you sign on the dotted line, however, you should ask yourself a few important questions to make sure you’re getting the best deal possible.
44 Questions you should ask before buying a condo:
- How much does the condo cost?
- How much is the monthly maintenance fee?
- What does the monthly fee cover?
- What is the size of the unit?
- How many bedrooms and bathrooms does the unit have?
- What is the floor plan of the unit?
- Does the unit come with any storage space?
- Is there a parking space? If so, how much does it cost?
- What are the restrictions for pets?
- Are there any age restrictions for residents?
- What’s included in the sales price? For example, are household appliances included?
- What kind of view does the unit have?
- Is the unit located in a high-rise building or a low-rise building?
- What amenities are available to residents?
- Is there a gym or swimming pool on site?
- Have there been any special charges levied by the condominium association in recent years?
- If so, how much were they and what were they for?
- Do I really want to own a condo?
- How much can I afford to spend?
- What are my must-haves in a condominium?
- What are my deal-breakers?
- Am I willing to pay for regular maintenance and repairs?
- What type of condo community do I want to live in?
- Is the condo association well managed?
- What’s the budget of the association?
- Does the condo have any litigation pending against it?
- How old is the building and what condition is it in?
- Has the unit been remodeled recently?
- What kind of view does the unit have?
- How much natural light does it get?
- How is the building managed and maintained?
- Have there been any special assessments recently?
- What’s the reserve fund used for?
- What’s the percentage of owner-occupied units?
- How old and in what condition are the common areas and amenities?
- Are there any restrictions on renting out units?
- How long has the current board been in place?
- What’s the strategy for long-term capital improvements?
- Have monthly fees been increased in recent years, and if so, by how much?
- What’s the sales price for the units in the building and how does it compare to other buildings nearby?
- How many units are currently for sale or have been sold in the last year?
- What percentage of owners are behind on their maintenance fees?
- Is there a property manager on-site? If so, how can I contact him/her?
- How many parking spaces are included with this unit? Is there a waiting list for parking spaces in this building?
Frequently Asked Questions
Is owning a condo worth it?
There are many factors to consider when deciding if buying a condo is worth it. One of the most important is how often you will use the condo. If you won’t be there very often, the condo may not be worth it for you.
Also, you should consider what kind of condo you’re buying. If it’s in a bad neighborhood or needs a lot of repairs, it may not be worth it.
The best way to decide if buying a condo is right for you is to run the numbers and see how much you can afford each month in mortgage payments, fees, and other costs. If it’s within your budget and you will use the condo often, it’s probably worth it!
What are the benefits of living in a condo?
You have access to all the amenities the complex has to offer: These may include a pool, a gym, or a clubhouse.
Condo complexes are often in prime locations, close to restaurants, stores, and other attractions: This makes it easy to get around town without having to drive.
Condos are often more affordable than traditional homes, making them a good option for budget-conscious buyers.
What are the disadvantages of living in a condo?
Homeowners’ associations can dictate what changes or improvements you can make to your unit, even if you own it. This can be especially frustrating if you want to renovate something but the condo association strictly forbids it.
If there are problems with the common areas or amenities, all residents of the complex are affected. For example, if the pool is closed for repairs, everyone has to find another way to get around.
Living in a condo can be expensive, especially if the monthly HOA fees are high.
Is it safe to live in a condominium?
Condominiums are generally considered safe places to live because they’re usually well-maintained and have security measures in place. However, it’s always important to do your research before moving into a new condominium, as not all condominiums are the same.
Be sure to read reviews from current and former residents and ask around to see if anyone you know has experience with the unit complex you’re interested in. If you have the opportunity, take a tour so you can get a feel for what the apartment looks like inside and out. By taking these precautions, you can minimize potential risks and ensure that you’re making a wise decision for your family.
Asking these important questions will help you get a better picture of what you’re buying and whether the unit is the right fit for you. Once you’ve gathered all this information and weighed your options, you can already make an informed decision.
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