Because home prices are high and for the vast majority of people these days wages are low, condominiums are becoming a very popular real estate purchase. Buying a condo is different than buying a home. There are specific things you must consider that would never come up with the purchase of a house. In this article, we will provide a checklist to help you make a wise choice when buying a condo. Read on to learn more about nouvel 18 Orchard.
Of course, one of the first things you should consider when purchasing a new home is financing and affordability. Condo payments may be low in comparison to house payments, but do not forget to factor in the cost of belonging to the homeowners association. Your HOA dues cover regularly scheduled maintenance and necessary repairs in common areas. These can be quite costly.
Be sure you know the exact cost and exactly what you will get in return for your dues. Some common items covered by HOA dues include recreation center repair and maintenance, care of parking areas, employing gardeners, security guards, etc. Sometimes care of your personal unit, such as exterior window cleaning is covered.
Be sure the HOA is honest and competent. Do they collect, invest and use the dues regularly and wisely? Are their financial documents open to inspection? If not, look elsewhere. If so, look over them with your lawyer. You may also wish to ask to see some of the minutes from recent board meetings to find out how business is conducted by the HOA. If meetings are long and contentious and do not result in any sort of progress, you will be better off looking elsewhere.
Be certain you understand all the rules and regulations put forth by the HOA. These are usually called covenants, conditions and restrictions and referred to as CC&R. These can be very extensive and very exacting. They may include rules that prevent you from having pets, planting a garden, painting your home the color of your choice, having visitors for more than a specific period of time. There may be parking restrictions, set quiet times and more. Be sure you read and understand every word and find it all acceptable before beginning the application process.
Once you have found a condo you like in a community you can live with, you will begin the application paperwork. Then the HOA will examine you to see if you are worthy. This can be a very demanding process. Of course, whether or not you can afford to purchase a condo is of top importance; however, they will look at other aspects of your family composition, employment history and so on. If being scrutinized in this manner is odious to you, you might be better off waiting until you can buy a house rather than purchasing a condo.
In the final analysis, condo purchase may be a great idea for you if you are a single professional or a young couple. Retirees might also do well in a condo situation. If you are a young family struggling with several jobs to make ends meet, have pets, want to garden or otherwise have aspects of your life that would involve activities other than working and living a quiet life centered on getting along with others, you may be better off looking into other options. Purchasing a fixer or opting for a manufactured home are also lower cost housing possibilities.