Condo Buying - You are an Owner
In the article below, Valerie Zinger points out some of the things to think about if you are thinking of buying a condo. It is important that you get those condominium documents and financial information reviewed before signing the purchase and sale agreement. Your buyer agent or your attorney should make sure there is a contingency to review these items in your Offer. If you don't see it in there, ask about it before putting pen to paper. You'll want to know what the restrictions are (Do they allow pets? Can you put up holiday decorations outside?) and what kind of financial condition the condo association is in and how well it is managed.
Valerie also points out the importance of becoming involved in the condo association once you are an owner. It is your money and investment; you want to make sure things are being done properly.
If you are thinking of buying a condo in Canton MA or a surround Norfolk County community, let me help you with your due diligence prior to buying that condo. Since I am an Attorney, in addition to being an Exclusive Buyer Agent, I can provide you legal representation, through my law office. Visit my website to find out the details!
When I go out with first time Buyers, they are often interested in condominiums. The reality is that the price point for many condos is attractive to new homeowners.
If you are leaving an apartment and moving into an apartment condo it is important to stress that, while it may seem like an apartment, you, the Buyer become an owner. It might also seem like the maintenance people work for someone else - the property management company - but they work for the owners and you are one of them. Normally there is an elected condo board who, in turn, engage a management company to deal with the day to day operations of the building and grounds.
Now that you know that you are the owner, take care of your investment. Would you take $150,000 and give it to a stranger to manage and hope that you will have something left at the end of a few years. No, you would read a few reports and look forward to your statements to see how your investment is doing. Would you also give that same company the liberty (without investigating why) to call you up and demand a few thousand extra dollars to maintain your investment? Of course not. But if you are a condo owner and there is a financial issue with the condo corporation, then you as a "shareholder" will be assessed additional fees to ensure the continued viability of your building.
So, if you are buying a condo because you think that you can turn over all the responsibilities to someone else, I strongly advise you to think again. This is not care free living. You need to care about your investment. Get involved in the condo board. Go to the meetings. Read the by-laws and the minutes carefully. Watch for maintenance issues. Keep track of the sales in your building.
When it comes to condo living, you are not a renter but an owner with obligations.
Photo credit: Appetizing young condos for sale
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