Ask These Important Questions Before Purchasing a Condo
You’ve finally found it — the condo of your dreams. You’ve got your realtor and you think you’re ready to make an offer but, not so fast! There are some important questions to ask when purchasing a condo.
A condo is similar to a single-family home in terms of purchase but there will be some major differences, especially when it comes to rules. You definitely want to get to the bottom of these questions before making the final transaction.
What are the rules?
When it comes to the HOA, you definitely want to read the rules and regulations before committing to anything. Read and familiarize yourself with all of them. Associations can have rules regarding pets, renting out your place and so much more. Make sure you’re ok with all of them before purchasing the condo.
Who is the management team?
Is the condo professionally managed? What is the management team like? Some management teams work on site and some don’t. Some can take a while to make repairs or fix problems and some fix them almost instantly. You can talk to your potential neighbors to get the 411 on the management team.
What do your HOA fees cover?
HOA fees are a big part of home buying budget. You’ll want to know how much you’re spending but also what you’re spending on. Learn what the homeowner’s association fees cover — and what they don’t.
These are just some of the questions you should have answered before your Synergy Realty Network agent helps you buy a condo. Head to realestate.com and Money Crashers to see more about what you should know before purchasing.