If you’re considering making the jump into condo living, consider our tips on questions to ask before you buy. There are some important questions to ask before purchasing a condo, which we’ve collected here for our readers.
1. Purchasing a Condo: Are there condo amenities?
Purchasing a condo and living in a condo neighborhood means neighbors, and as little or as much condo community involvement as you like. Within many condo communities there are common areas for condo owners to use, such as a meeting/facility building and sometimes a gym and storage units. When purchasing a condo, it can be helpful to ask if there are amenities and what they may be. Asking now, before purchasing a condo, can offer potential condo buyers an opportunity to understand what the community is like and how they might feel living in that condo community. Every condo development is very different and as such, offers very different condo amenities, as well as other details throughout the property.
2. Purchasing a Condo: Is there storage space available?
When purchasing a condo, it’s important to realize all condo developments are different. Some condos offer an array of storage space options, such as resident personal storage space, while others do not. Some condos also have garage options and others may or may not have attic space. Inquiring will allow potential condo buyers to understand exactly what is available to them before purchasing a condo. It is important to note that often times when purchasing a new construction condo, developers can often add storage space for buyers if requested. It doesn’t hurt to ask.
3. When Purchasing a condo, Are There Association fees?
Condo association fees are common and most likely the condo you are considering purchasing has them. Condo association fees are typically calculated based on how many units there are included within the association, property maintenance costs, any professional property management costs, and funds set aside for litigation and/or major repairs. Your best bet when considering purchasing a condo with association fees is to ask for a breakdown of the monthly association fees you’ll be responsible for. It’s important to consider condo association fees part of your living expenses. The downside is that condo association fees are not tax-deductible like your mortgage is. It is also likely there are delinquency rates attached to monthly or annual condo dues. If other condo association owners fail to pay their monthly dues, this can impact the rest of the association. Good communities will have a delinquency penalty of 15% or less.
4. What are the Condo Association rules?
Condo associations often have rules regarding what items, if any, can be stored outside your condo. Many condos offer residents porches or balconies with their units. Make sure you look at the Unit Deed, and the Master Deed, very closely. The porch may be attached to your unit, but do you truly own it (meaning it’s your responsibility to repair the porch as it ages or breaks), or, do you own it in the sense that it’s yours, but the association maintains it? Can you leave items on the porch or is that prohibited? Does this community allow pets? Can you rent out your unit if you need to? If you have space, can you use an above-ground pool? Go over the condo association rules line by line. You will be thankful you did this prior to purchasing your new condo. Make sure the condo doesn’t have rules that you simply can’t live with.
5. How is the safety of the Condo Community?
Have there been any break-ins or robberies within the community recently? Is there condo security? Are there any current litigations involving the condo association? It will benefit you to make sure there are no past or pending litigations in your community as well.
Ready to Find A Condo For Sale in Southern New England?
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