12 Tips to Remember When Shopping for A Brand New Condos
If you are browsing through listings of brand new condos for sale, there are different things that you need to take into account.
Usually, people get interested in condos because of the lifestyle of living in a conveniently located building. Also, many people appreciate the fact that condos have facilities like fitness centers, swimming pools, tennis courts, and others.
However, you also need to remember that not all condominium communities are the same. That is why, when you shop for condos, it is also important for you to take note of each community’s similarities and differences so that you can have a basis for comparison as well.
Below are 12 tips that you should remember when shopping for brand new condos.
- Before you start looking around, hire a professional realtor to make the shopping and buying process easier for you. The good thing about this is that you do not have to pay for anything as the seller will pay the commission. Also, make sure that you have a good lawyer that you can consult regarding any legal matters.
- Determine how much mortgage you can afford so that you can narrow down your options and you do not waste time looking at condominiums which you would not be able to afford. Start by seeking financial qualification and crunching the numbers with your financial backer.
- Know what the condo includes. For instance, does your purchase include a parking spot or do you have to buy it separately? Is there additional storage that you can use in case? Will it be free or will there be additional fees? These are just some of the things that you need to ask sellers.
- Visit the neighborhood at different times of the day and if you have the time, try visiting in the evening as well. It will allow you to see if the neighborhood suits you.
- Check the view of the condo unit that you are looking at. It should have a nice view to make your every day more appealing. A good view can also help if you decide to re-sell in the future.
- Avoid units that overlook the garbage area, the parking entrance, and vehicle traffic, as well as those beside or across the elevator.
- Review the rules of the association. One thing about living in a condominium is that you cannot make your own rules and you have to abide by the existing ones.
- Know the association fees. Most condo communities require either monthly, quarterly, bi-annual, or annual fee from their residents. These fees usually cover insurance, maintenance, and other common expenses.
- Know what the fees include. Every information about the association fees is important so that you can manage your finances, at least in terms of your monthly payment. Aside from knowing the inclusions of the association fees, you should also ask about the exclusions, if there are any.
- Ask if there are any special assessments, such as a structural repair in the future. This is important for you to know because a special assessment can also mean that it is possible for association dues to increase.
- Know the company in charge of maintaining the property. One of the benefits of living in a condo community is that someone will be in charge of the maintenance, so you have to ensure that it will be done properly and by a company with a good reputation.
- Most importantly, discuss with your agent and your lawyer before making an offer. Make sure that you have reviewed everything and exhausted your options before finally deciding on purchasing.