It’s More Than a Condominium!
Before you buy a Condominium; know the association!
When it’s time to enter the real-estate market, & you’re considering purchasing a condominium, how do you know when a condominium is a good buy.
There are many important factors to consider. Purchasing a condominium is also like buying part of the building as well, whatever is associated to the building of the condominium is partly yours! To accommodate whatever the structure offers, the roof, walkways, parking, security, gardens, clubhouse, etc. Rules, regulation, and money are necessary, and for that, a small group of owners are appointed as a governing board managing the welfare of the entire building. (It’s recommended to get involved and a member of the board association if you buy a condominium)
It’s More Than a Condominium!
Every condominium must be solvent and must have a board governing its financial condition and rules set forth. The condominium you purchase is only as good as the financial condition and rules, if the financial condition of the association is poor, or if the board members lack the right guidance, it can be disastrous to you and the condominium you purchase.
Remember the condominium you want to purchase will have monthly fees associated with it. Make sure you understand exactly what you are responsible to pay, as well as knowing if the fees can be raised to higher amount. Once in escrow you should be handed the adequate overwhelming documents from the association (HOA Documents), look for the bylaws, you’ll see if the rules meet your standards or not. If you can’t live by the bylaws (rules) of the association, you can’t buy the condominium. I also suggest looking closely at the Financial Statement & Budget. It’s a way to see where the association fees collected keep-up with the cost to run. It’s More Than a Condominium!
Think about what’s right and then do it; I say; “It’s harder to do the wrong thing verses doing the right thing”
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