If you're interested in buying a condo, then you have probably already weighed the pros and cons of a condo vs. a single family home. If you've decided that a condo is right for you and you are ready to move forward finding the perfect condo there are some things that you can do to make sure that your condo purchase goes smoothly and that you don't regret your investment in the long run. According to real estate experts including a real estate lawyer CT, these are the things that you should do to when you're ready to buy a condo:
Buying a condo is very different from buying a single family home. Condos are usually less expensive up front, but there are things like assessments, association fees, maintenance fees, and other contingencies that need to be considered. A real estate lawyer CT that specializes in condo sales is going to be the best source of information you have when it comes to making a smart decision about the condo that you buy. A real estate expert CT that has extensive experience working with condo buyers will be able to walk you through the sales contract and make sure that you fully understand what your financial responsibilities are when you buy a condo.
Many condo buyers only think about their mortgage payment when they considering the affordability of a condo. However, the monthly dues or association fees need to be considered, as well. Some condos come with very low association fees that only cover essential services like trash and water. Other communities might charge hundreds of dollars a month in association fees to provide extras like parking, on-site gyms, and other amenities. It's important to know what the association fees are and add those to the cost of your mortgage payment to figure out the monthly cost of your condo. If you have questions about the association fees, ask a real estate lawyer CT how they can impact your monthly payment and how much condo you can afford to buy.
The time to consult the community rules and regulations is before you buy a condo in a particular community, not after. The community rules spell out things like if you can have pets, what the breed restrictions on pets are or if there is a limited number of pets you can have. The regulations will also cover things like quiet hours, having guests at your condo, the use of amenities like a rooftop deck or the community hall for parties and celebrations, and all the other rules that you will have to live by when you buy a condo in that community. Be clear on what the rules are for a community so that you will know if that's a community you will be happy living in or not. If you have questions about the regulations that are listed, ask the real estate lawyer CT that is helping you to go over them with you.
Special assessments are extra fees that condo owners can be charged to cover the cost of a significant maintenance repair or project. If, for example, the condo building needed a new roof or a big structural repair, everyone would be assessed a particular fee to help cover the cost of that. But special assessments could increase your association fees by hundreds of dollars. Before making an offer on a condo, you should always ask if any special assessments are planned for the future so you will be able to make a more informed purchase.