18th Jun 2009
A Guide For Buying A Condo With No Prior Experience
Living in a condominium is just like it is doing so in an apartment, with the difference that you actually own the apartment. Saving money on rent is nice, yet so is the community environment that they promote. If you are in the market for a condo, the market is right to start looking for one.
First review the amenities that are offered through your purchase. As an owner of a condominium you are entitled to certain community points of interest that are built onto the land. Amenities could include a common pool, a tennis court, or a basketball court. If you plan on using the amenities, then great! Otherwise the fees you pay each month will be going to waste, and other options might be better.
Condominiums have a board of directors that maintain the property and its expenses. After you agree that you like the property and the pricing, first ask to see the financial report of the reserve kept by the board of directors. The reserve fund is used to finance repairs to the building. If the fund is low without your knowledge, you could face being put on a board of directors that is quickly heading for financial problems.
Management of the property will become part of your responsibility as a condo owner. Ask the board of directors in a meeting how they manage the property. If they allow it, ask if you can attend the next meeting to see how things are run. You would only want to be part of a committee that prides itself in professional behavior and fair government of funds. Also be assured that they do indeed meet regularly.
Buying a stake in an old condominium complex presents some concerns. An old building will be at higher odds of needing repair at any given moment. Old buildings can easily present structure damages, mold, and plumbing problems that are less common in new buildings. Ask to see a report of repair jobs to judge whether or not the building is a risky purchase.
Condos have a specific set of people that will truly enjoy them. You must have a good sense of social behavior, enjoy living in a tight knit community, and you should be lenient in the privacy you require. Condos can sometimes have problematic inhabitants that can be noisy or disruptive, just like any other living arrangement. If a more quiet atmosphere is preferred, you are at better odds of finding something you truly enjoy by looking at a single family home.
Final Thoughts
Finding condos is easy if you live in urban and suburban areas. Condominiums have exploded in popularity so new projects are started all the time. A real estate broker will be able to help you find the condo that best suits your budget and needs in space, amenities, and privacy.
Learn more about luxury Saint Louis condos and St Charles condos.
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