When it comes to buying a home, there a number of options of available. Buying a condominium is one of them. As you may already know, a condominium or condo is a large residential property that has a number of individual units in it.
What is condo?
As an owner of a condo, some parts or units are privately owned, while the remaining units or common areas will be owned by the families residing in. If spoken in a more general sense, a condo is simply an apartment that you own. Practically, a condo can take the form of an apartment or closely shared complex, but theoretically, it can physically look like anything.
Condominiums are most commonly located in a market with high property values, vacation spots or other urban areas. The reason being is that it is quite expensive to buy a single-family home especially in places where additional building spaces are limited. This is where condos come in use, particularly preferred by families who are looking to own a home but can’t afford a separate house.
Choosing the right condo
The process of searching for a condo is quite similar to searching for a single-family home. If you have a general idea of what type of property you are interested in, then it’s better to consult a real estate agent rather than going out in the market on your own.
However, if you are more inclined for a DIY job, then you can consult real estate websites and listings to study the condos you are interested in. More specifically if you have spotted a building or a complex, then site sales offices are always there to assist you in detail and may even allow you to view a suite.
Condo Sales Contract
The process of purchase is not as simple as a sales contract. It involves an agreement or declaration that details the ways on how a condo is operated and governed. Before the actual purchase, it is always better to carefully read all the documents applying to the management of condo.
Ask questions such as: How does management respond to owner’s complaints and suggestions? How big is the condo’s reserve fund? Any burning issues with the property? Does the management impose strict rules and regulations that you may find unacceptable? The purpose of these questions is to get a sense of whether the condo is well-equipped and functional, whether the structure and lifestyle of condo aligns with your plans, and whether there is anything that could negatively affect your share of ownership in the future.
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