The Importance to Make an Inspection List Before You Buy a Condo

Real Estate Broker/Owner with American Brokers Realty Group, Inc 3225276

Purchasing real estate requires a due diligence in getting the best deal possible. When buying a condominium it’s obvious that one would greatly involve themselves in careful measurements and precautions so that future hassles are avoided.

Condominiums are privately owned residential areas, and before one purchases such real estate, they should observe a checklist of inspections to make adjusting to the new place as easy as possible. Here are some of the reasons that would encourage you into making one for yourself the next time you want to buy a condominium.

Rules and Regulations by HOA

When buying a condominium, one is obligated to join the community’s Homeowner’s Association (HOA), which have rules that all owners must follow known as the Declaration of Covenants, Conditions and Restrictions (CC&R). If these rules are too restrictive than one might consider buying somewhere else, as violation of rules leads to fines and additional charges imposed by HOA.

Additionally it is also important to learn about the insurance covering areas by HOA for the real estate you want to buy. For those areas which are heavily affected by floods, earthquakes, blizzards, fires, hurricanes, tornadoes or other naturally occurring disasters it always comes in handy.

Apart from abiding the rules and looking into the insurance policies, next comes in the annual charges and payments that one should pay to HOA. The dues and payments are in the CC&R. Non-compliance to payments or late submissions could lead HOA to file a lawsuit against you that might result in foreclosure in extreme cases.

Necessary Documentations and Paperwork

When purchasing a unit from a developer you will be given a ‘Public Offering Statement’, which is a large book containing all the legal documents, information about warranties, and a copy of the proposed sales contract.

In case you don’t buy a new condominium, instead you purchase a resale, and then you are entitled to receive a resale package known as the ‘resale certificate’, which contains documents similar in notion with the above mentioned ‘Public Offering Statement’.

All of these documents are necessary for you to review, and the next in line are the ‘Condominium Instruments’. These contain important owner information regarding Rules and Regulations, Declarations, Bylaws, and Plans. Which might involve you in not keeping pets on your real state or not allow you to make changes to your unit’s exterior, such as making fences around your property.

Structural Damage, Repair and Maintenance

It is always highly advisable to get thorough inspection done which involves looking at certain aspects of your building structures with care, such as:

  • Heating system
  • Electrical System
  • Plumbing System
  • Structural elements such as: walls, floors, doors, ceiling etc.
  • Ductwork and vents

Careful inspection will ensure that your condominium is a worthy buy. It is essential that before making a purchase, a person should make an inspection list and look at other areas of interest like rule and regulations governing the area of your purchase.

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