Are you in the market for a condo? The process of purchasing a condo is a little different than buying a single or multifamily home. Continue reading and discover a few crucial steps when buying your first condo.
Hire an agent who has experience with condos
Did you know that the vast majority of condo communities require buyers to sign a contract that says they will adhere to the rules and regulations of the association? Buyers are also expected to pay ongoing fees for things like maintenance. One of the best ways to ensure all the paperwork is handled correctly is to hire a real estate agent who has experience selling condos. An experienced agent will walk you through the process to ensure it goes as smoothly as possible.
Learn what is included
Most buyers will look at several properties before deciding on one. When many people buy their first condo, they aren’t fully informed of everything that it includes. For example, you should check and see if you receive your own reserved parking spot. Another consideration should be if it offers additional storage areas. When you are comparing properties, you will need to take these kinds of factors into consideration.
Know the association fees
Did you know that in most condos communities, there are ongoing fees required from each resident? In most cases, these association fees are used towards expenses like maintenance and insurance. When you purchase a condo, it is important to know and understand the fees that will be expected from you. In some cases, they affect whether or not a buyer can afford a property.
