Condo Mumbo Jumbo: You Might Be In For A Bad Deal

By
Title Insurance with jump2top

Los Angeles is the City of Angels and a whole lot more. It has established a name of prominence, especially in the glamorous industries of film, music, and television.

It is the home of the stars, and the promise of fame and fortune is said to seemingly hang in the air.

L.A. is home to an estimated 10,245,572. At the same time, a constant flow of legal immigrants, in an astounding multitude of 600,000, arrive in the city annually. These figures have jumpstarted the trend of choosing a condominium unit as a home.

There is no need to elaborate why a condo unit purchase is the preferred abode of Angeleno’s. Most choices done by proprietors are generalized by the amenities and relative conveniences that are available to individuals, as well as their families.

Facilities

These are the pre-determined features communally shared by the residents, or privileges made available to the owners’ use. It might be the pool, the parking space, the gym, or a gazebo.

Security

It is a generally employed aspect of the condominium. It is provided initially by the developers, but is eventually turned over to the HOA, or Home Owners Association. Surveillance cameras, security guards equipped with mobile communication devices, and a 24-hour alarm system are the usual measures utilized and which are dependent on the area concerned

Prime Realty Investment

This is considered a privilege for the buyer, since the market for condos is huge and resale options in the future are forecasted to have a constant increase in value.

Maintenance

This is an operation that’s under the guidance and direction of the HOA. Under general condo rules, this responsibility is passed from the developer to the elected board of the HOA(a governing non-profit body). It concerns every square inch of concrete, wall, and gravel of the property outside your unit. Maintenance covers the continual and proper preservation of the condominium, as a whole.

Keep Your Eyes Peeled

No, don’t look for narfs in the pool. Look for the details you should and ought to consider, which most people often overlook when they invest in a condo unit.

As a prospective buyer, you are entitled to a trump card to avoid trickery and misdealt offers. It is called a “Full House Inspection,” which is performed by a licensed “Professional Inspector”. This person is the buyer’s greatest ally, but could also be the ignorant seller’s worst nightmare. What they say will determine if the place is worth your hard earned money. The inspector will evaluate the general condition of the components of the unit and the whole lot itself, including:

1. Electrical, cooling, heating, plumbing, ventilation, insulation, and drainage systems.

2. Structural elements and the materials used in the construction -- wood, building foundation, flooring, roof, ceiling, braces, steel works(balconies), fire escapes, and walls.

3. Health threats that might be present in the building, such as molds, pests, and rodents.

Be oriented on the established policies that the HOA is enforcing. This will include limitations, such as the access you believe you are already entitled to or even the prohibition of an ideal setting that you and your pet are used to.

Keeping Yourself Abreast

Your co-owners comprise your HOA. It is, then, your responsibility to be updated on the organization’s actions and projects. Knowledge of the events within the building, such as the legal issues that the HOA is facing have a grave implication on the value of your condo.

Most people prefer living in condos because they want to get rid of maintenance and repair responsibilities. This may be an elusive goal they might cut back on and you should know if they are, because purchasing a home is the biggest financial decision you will make -- may it be house, a cabin in the woods, or a condo in the City of Angels.

 

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Rainer
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David Soto - Illinois Home Loans & Mortgages
Illinois Home Loans & Mortgage Refinance - Chicago, IL
thanks for the tips, definately keep it in mind when looking for a condo
Feb 24, 2008 04:36 PM #1
Rainer
85,313
V Dr.
jump2top - Miami, FL
glad to help :)
Feb 24, 2008 07:12 PM #2
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Rainer
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