A condo is a housing unit grouped together with other units, normally with shared walls between them. Condo sales in these current times are increasingly becoming a popular real estate venture for many home buyers. In a real estate world that is growing at a snail’s pace, people are looking to options that they can favor their pockets.
Additionally, as many baby boomers begin to retire, they are looking to downsize the space they have for a more manageable and comfortable retirement. 3.What are the things to consider when buying a condo? There are some things you should put into consideration and do to make your investment move worth the while.
Before you buy a condo there a few things you should consider
The Condo Association’s Responsibilities
For the overall maintenance of the shared walls and amenities like water pipes and roofs. At Icona Vaughan, association is set up by the owners. It can be managed by an outside company or self-run. The association collects the required fees from the individual owners, and the money is used to take care of upkeep and repairs of the common utilities and grounds.
The laws of the association are binding legally, and it is wise to understand exactly what your obligations will be and also, the responsibilities of the association. You could involve your real estate attorney to go over the association’s by-laws with you hence making sure that you understand all the legal terms and conditions.
The Owner of Occupied to Renter Occupied Units
Some associations do not allow owners to rent out their unit out to tenants. This is generally because they feel that renters will not have the zeal to go the extra mile to help keep the place neat and do routine maintenance.
After all, they do not own the condo and can move out at a time that is convenient for them. If you intend to use your condo as a rental or vacation property, that ratio may not matter as much to you. Your main concern will be to find a condo where renting is permitted.
The Association Dues
Some associations ask for minimal fees, but others provide more extensively for the needs of the building and therefore charge exorbitant dues. Endeavor to know the exact amount of the fees, the duration after which they are paid and if they are subject to some increases before you sign a contract.