If you’re looking to purchase the first home or just wish to leave the duty of owning a house behind you, condos is usually a good way to own a low maintenance home. You’ll find, however, a few trade-offs related to owning a condominium, so before you take the leap, ask these five questions.
1. Will be the Building Insured?
One of the most important things to discover is whether your condo’s insurance plan is adequate. Insufficient coverage may cause serious financial burdens down the road or may even ensure it is impossible to get financing. Ensure that the board has maintained adequate coverage around the building and verify how much coverage using your own insurance broker.
2. The number of Investors Is there?
If you plan to finance your investment, your bank might find the dwelling a risky investment as a result of number of investors and deny the loan. Should there be too many investors, this will make it more challenging to get banks willing to offer mortgages, which could influence the resale valuation on your own home, as well. As a good principle, ensure investors own lower than 30 percent in the building.
3. Will This Match your Lifestyle?
Condos are a good way to obtain a house without needing to personally take care of maintenance costs, since these are usually bundled to your fees each month and taken proper care of by professionals. Remember that living in a condominium entails joining a community, so ensure you’re more comfortable with how much activity and noise you will be managing with your building.
4. What Are the Condo Fees?
As it may suffer like you’re saving by ordering Artra Condo instead of a house, do not forget that the continuing fees has to be taken into account. Find out ahead of time simply how much you will be liable for every month, and factor extra fees to your budget before signing on the dotted line.
5. What Are the Reserves Like?
As it could be nearly impossible to find this info from the board before you purchase, many sellers will openly offer information regarding the property’s reserve funds. Seeing simply how much a structure has in their reserve funds will help determine how well the board handles the finances in the building. The reserve can be useful for unforeseen costs, like broken pipes or new roofs. If the reserve cannot cover these costs, you may have to pay the main bill.
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