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Buying a Condominium Requires Doing Your Homework
Buying a Condominium Requires Doing Your Homework
 
Helping a client with the purchase of a townhouse recently has reminded me that a condominium purchase can actually be more involved than buying a single family home.  This is partially due to the fact that you need to be concerned, not only about the unit you are buying, but also with the strength and stability of the entire condominium complex. 
 
Before entering into the purchase of a condominium there are some important questions that need to be researched.  


Monthly condominium fees - Depending on the complex, these can be significant and they figure into your overall monthly expense of home ownership. You will need to find out what the fees are and exactly what they include.  Fees typically go toward the maintenance of common areas, landscaping, snow removal and the master insurance. What is the percentage of renters vs. owner occupied units?  Being in an environment of rental properties can have a direct effect on resale value.  Additionally, depending on the type of financing you are seeking, your lender will want to know the owner-occupancy rate of the condominium complex. Bi-laws and covenants - These rules can govern how you ... more

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