Condos are mostly full of groups of families that is pretty much affordable than buying a single-family house. When you are buying a condominium, you receive an agreement or declaration that contains the details of the way the condo is operated and governed.
A condominium provides you with an attractive lifestyle and frees you from some of the daily chores. Such homes are popular with retirees. The info graphic provided below show that several condos in the UT West Campus are being sold in great number.
Below are the five facts on buying a condo:
1. Shared Responsibility And Affordable
If you are planning to live in a condo, then let me tell you, most of things will be shared, such as, hallways, lobbies, and community facilities. You are not the only one responsible for everything that is present outside your condo home. You would be asked to share the responsibility of repairs and upgrades for the exteriors and interiors of the condo.
The condominiums are pretty affordable as compared to that of buying a single-family home. Each unit’s owner pays the same percentage of property’s interest and its taxes.
2.Cheaper Insurance And Reserve Funds
When you are planning to take out a loan or buy an insurance for your unit in a condo, it will be quite less and cheaper. You just need to know the details of the insurance, like the total insurance price of the condominium and the number of units in the condo. This way you could divide and know the amount you would have to give while buying a condo.
You should ask about the reserve funds before signing the purchase agreement. The reserve fund is the amount of money the association sets other than the amount required for the repairs. If the fund is too low, that would mean that the condo could be easily harmed due to fire or severe weather conditions.
3. Meetings To Resolve Complaints
Since condos are like small communities, they have meetings within a month or a specific time period. These meetings would be mostly about the complaints the neighbors would be having.
For example, the noisy neighbor someone has and the daily conflicts of theirs, how much time does it take to resolve their dispute, and how the association works to maintain the peaceful atmosphere in the condo.
4. Convenience And Extra Storage Space On Request
Condos provide you with several shared conveniences like gym, swimming pools, sport courts, etc. Such facilities are available in a maximum number of condominiums.
Some condos offer extra and personal storage space. You can store your bikes, luggage, etc. in these spaces. These spaces are not like attics or garages.
5. Condos Are Insured And Sometimes Have Specific Rules
Condominiums are usually insured by the association. If so, you should ask for the copy of the insurance. This way, you are aware of what all gets covered under the insurance. You could also ask an insurance agent to help you out with the details of the insurance.
Some condo communities may or may not allow pets. Sometimes, you have an option to rent out the unit to someone else and many at times you can’t do this. Whatever it may be, you might want to check out the rules of the condo before buying it.
When and if you are planning to buy a condominium, then buy it with confidence. Remember to have your set of questions prepared to ask you real estate agent or the owner of the condominium. You could also make an offer for the house along with the conditions you ask for.
The offer could be accepted by the seller or could be counter-offered. If you accept the counter-offer the deal gets closed or else if you are not okay with their offer, you try until you and the seller both come down to close the deal.