February 24 2015

What to Look for When Buying a New Condo

by racheal

Finding a New Condo

Condos can provide community amenities, low maintenance and lower price tags then those of single family new homes. Purchasing a new condo is idea for many first-time home buyers, empty-nesters and those looking for affordable way to live within the city.

However, you need to do some research when finding your ideal condo. Not all condo associations and boards are the same and knowing the rules and regulations of an association before you purchase can make a world of difference. Here are a few things you should research when buying a new condo or a townhome.

Property Management – Find out if the property is managed by a third-party management company or by the homeowners.

Rules and Regulations – Found out what the current rules and regulations are and if there are any you are not willing to comply with. Keep in mind, the HOA has rights to enforce laws within the community on such topics as parking, use of amenities, noise, pets, number of occupants, age restrictions, unit renting and remodeling of the unit space.

Voting Rights - Learn what are your voting rights as a property owner and find out how the homeowners association, or HOA, makes decisions about the communities finances, uses of common property and creation of bylaws.

Funds - Review the financial statements and annual budget provided by the HOA to determine if there are reserve funds for future repairs and building maintenance.

HOA Fees – Make sure you know what your HOA fee will be and include it in your budget for when trying to find if you can afford for the mortgage.

Now you know what to consider when searching for a new condo for sale, go and find your new home!

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