If you are thinking about selling your Long Island Condo, and we hope you hire Lawrence "Larry" and Sheila when you do, you should be aware of an important part of the process for the buyer...the home inspection of your unit once you agree on an accepted offer.
The home inspector is going to be checking your condo’s major systems. Owning a condo means that it is part of shared common spaces within a community. In most cases, as an owner you are responsible for the interior of your condo - the electrical, the plumbing, the windows, all the appliances, hot water heater, central air conditioning, heating system etc. Exterior areas of a condo is usually co-owned by the other condo owners, usually as part of a condo homeowners association.
If the inspector checks the exterior portions of the building, even though it is commonly owned, there may be questions asked if something is in need of repair. Potential buyers will want to know about the condos reserve fund and the condo associations ability to handle any upcoming needed repairs. A condo buyer does not want to purchase a condo that needs many dollars worth of repairs that may eventually require a large assessment after they’ve purchased.
Condo owners, be prepared to answer any questions about the common areas of your community and repairs that may be required. Have access to the financial records and documents of your condo association by-laws, including reserve funds, and any anticipated assessments. Having this information ready will ease a buyer’s mind about the purchase of your Long Island condominium, and will make the process go smoother!
If you're looking for a true Professional Real Estate Team on Long Island, look no further than calling Lawrence "Larry" and Sheila Agranoff at our cell 631-805-4400, and let us help with your Long Island Real Estate goals.
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