A lot of people are interested in buying a condo these days. Buying a Prince Charles Crescent condo is one of the ways for them to get their first home, after all. Another reason why people buy the condo is so that they can downsize from a larger home. There are many other reasons why people get interested in buying the condo.
It is definitely a good idea to make the purchase. However, just remember that living in a posh condominium unit is quite different from when you are living in a single-family house. When you are living in the condominium unit, you owner the inside of your unit but not the outside. There are rules, fees, and neighbors to bear in mind.
In order for you to avoid regretting your decision of purchasing this unit, then you should ask first some questions before you event think about seeing the contract. This is so that you will have an idea on what living on the said apartment is like. Here are a few questions that must be asked before you actually go ahead with the purchase of this condominium unit.
Ask a furnished copy of the condominium's bylaws and covenants. You should read it thoroughly to make sure that living in the said unit or complex is not uncomfortable for you. With the bylaws and covenants, you can get an idea on whether you can bring in pets, install satellite dishes, and other concerns.
You also have to ask whether the condo complex is managed professionally. There are condo complexes nowadays that are being self-managed. This means that all the decision to hiring the trades people related to the management of the condo is left to the decision of the Homeowner's Association Board.
The turnover rate of the positions within the Homeowner's Association Board should be asked about too. If the turnover rate is quite high, then you can assume that there are problems within the board. If there are problems within the board, then it might be uncomfortable with you to stay in that condo complex.
It is also a must for you to find out just how many units are owner occupied. The owner occupied condo units are often kept in good repair than the rental units. It is also easier for the banks to extend mortgages to the buyers when they are obtaining a unit at a complex where the owner occupancy is quite high.
Ask about the developer. You have to know more about the ownership rights the developer has over the amenities of the complex. Know that there are those developers who have retained their ownership rights for some amenities in the complex, they charge fees for using them, and gradually raise the fees over time.
Ask about assessments. There should be several assessments levied to owners. Ask about what assessment was levied at the most recent time. Also, ask whether the assessments are implemented frequently. If you are planning to have a unit at an older complex, then the said assessments are definitely more frequent.
It is definitely a good idea to make the purchase. However, just remember that living in a posh condominium unit is quite different from when you are living in a single-family house. When you are living in the condominium unit, you owner the inside of your unit but not the outside. There are rules, fees, and neighbors to bear in mind.
In order for you to avoid regretting your decision of purchasing this unit, then you should ask first some questions before you event think about seeing the contract. This is so that you will have an idea on what living on the said apartment is like. Here are a few questions that must be asked before you actually go ahead with the purchase of this condominium unit.
Ask a furnished copy of the condominium's bylaws and covenants. You should read it thoroughly to make sure that living in the said unit or complex is not uncomfortable for you. With the bylaws and covenants, you can get an idea on whether you can bring in pets, install satellite dishes, and other concerns.
You also have to ask whether the condo complex is managed professionally. There are condo complexes nowadays that are being self-managed. This means that all the decision to hiring the trades people related to the management of the condo is left to the decision of the Homeowner's Association Board.
The turnover rate of the positions within the Homeowner's Association Board should be asked about too. If the turnover rate is quite high, then you can assume that there are problems within the board. If there are problems within the board, then it might be uncomfortable with you to stay in that condo complex.
It is also a must for you to find out just how many units are owner occupied. The owner occupied condo units are often kept in good repair than the rental units. It is also easier for the banks to extend mortgages to the buyers when they are obtaining a unit at a complex where the owner occupancy is quite high.
Ask about the developer. You have to know more about the ownership rights the developer has over the amenities of the complex. Know that there are those developers who have retained their ownership rights for some amenities in the complex, they charge fees for using them, and gradually raise the fees over time.
Ask about assessments. There should be several assessments levied to owners. Ask about what assessment was levied at the most recent time. Also, ask whether the assessments are implemented frequently. If you are planning to have a unit at an older complex, then the said assessments are definitely more frequent.
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