Soooo....You Want to Downsize to a Condo....

Reblogger
Real Estate Agent with LoKation Real Estate 3087750

Are you thinking of downsizing to a condo or just buying a condo in general?  There are things you must be aware of before you purchase a condo. 

 Sally K. & David L. Hanson, while not in Florida, did an outstanding job of explaing this.  In addition,  in Florida, buyers have a 3 day right of recission on resales once the condo docs, by laws and all financials, etc have been provided.  On new construction, it is 15 days. 

Condo living can be great, but buyers need to understand what is involved.  If you have a question, ask!

Original content by Sally K. & David L. Hanson 57026-90 Broker

  For some people, Spring brings moving thoughts....maybe it was that last shovel full of snow, the thought of having the trim on the house painted as the weather warms...children who have moved away and wanting to be surrounded by family, "waking up the yard...fresh mulch, cutting Home Maintenancegrass..there can be all kinds of reasons why a move to a condo with less maintenance can be the solution for people moving, starting out  or downsizing. 

      Most probably....this may be the first move to a condo..maybe it's a first time home buyer...maybe it's someone who has always lived in a house and never owned a condo....and may not be aware of the "terms and conditions" that can come with being a condo owner.

   As a Buyer...be sure that you are working with a real estate agent who can explain to you what documents you be presented and able to review....what maintenance you are responsible for as an owner, what additional costs there may be for the use of "on site amenities", can Fido and Ms Kitty be your roommates ? If the condo is "pet friendly"...what does that mean ? Are their height and/or dog and catweight restrictions ?  'Only cats...No more than two dogs ? Birds, fish....that pet iguana...can he come too ?

      Parking can be a concern...does the unit come with a garage ? Is there a place for guests to park ?

     What if you decide a condo might be at some point used as an investment...can you as an owner rent out the unit ? rent SignWhat restrictions are there for tenants...i.e. a minimum term for a lease ?

    What IF....the sidewalk cracks, there is hail damage to the roof, a window breaks,Handyman the furnace gives out...Is there an on site maintenance staff ? Who is responsible for repairing/replacng what items ?

   Who manages the complex ?  Is there an elected board of directors or an outside management company ? What do the monthly dues cover ?  What is the financial history and present state of finances of the complex ? Have there been any special assessments or any anticipated Balance Sheetin the near future ?  How much is in the reserve account and what is that expected to cover ? 

   Buying a condo can be a  "You don't know what you don't know" experience and that is why having a knowledgable, experienced real estate agent guide you through the Buying...OR Selling process is vital to the "happily ever after" you want to achieve in living in a condo complex.

    If you or anyone you know is looking to Sell or Buy a Happily ever aftercondo in southeastern Wisconsin...Call the Hansons, we would be honored to be of service for all things real estate and condominium related to make your happily ever dreams come true.

 

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comments (3)

Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Awwww Shucks Elyse Berman, PA  sooo much to know when you buy a condo and soooo many people who don't know what they don't know...thank you for the re-blog !

Apr 06, 2018 02:55 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Elyse. So many move to Florida to downsize to a condo. They all need guidance understanding a new style of living. Enjoy your day!

Apr 06, 2018 03:56 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elyse, great post to reblog, and lots of questions to answer before making this decision!  

Apr 07, 2018 08:55 AM