Buying a condo instead of a single-family home offers first-time buyers, urban dwellers and empty nestersmany advantages, including less maintenance, access to amenities, often a desirable location and, of course, a lower price tag.
Not all condo associations or boards are created equal, so you should definitely research the property. Here are a few things you should consider when buying a condo or a townhome.
Governance- Find out how thehomeowners association(HOA) makes decisions about finances, use of common property and enforcement of bylaws. It's also a good idea to learn what your voting rights would be as a property owner.
Property Management- Determine if the property is managed by the homeowners or by a third-party management company.
Bylaws- Determine if there are any rules and regulations that you may not be able to comply with. Common bylaws include pets, noise, parking, use of amenities, maximum occupants, age restrictions, unit rental and alteration of the unit space.
Finances- Review the financial statements and annual operating budget to determine if there are adequate reserve funds set aside for future repairs and building maintenance.
Building Condition- In addition to having the unit inspected, assess the overall building and common property. Often the property management company will be able to provide a technical audit that details current conditions and anticipated repairs.
HOA Fees- Review what is included in theHOA fees. Ask if there have been any special assessments, which could signal construction issues or poor financial management.
We understand that for many people, buying or selling a home is probably the largest investment decision that they will make in their lifetime. Halo Group Realty LLC thus became active in selling Real Estate in 2008 and was setup to make this process a simple and painless transaction. Your dedicated agent will guide you every step of the way to make purchasing or selling your home enjoyable and exciting… as it should be!
Today, Halo Group Realty LLC is at the cutting edge of technology in offering assistance to those in need of real estate services, and we have revolutionized the method of delivering education to consumers. Halo is established as the place for consumers to get the knowledge and assistance they deserve in the process of facilitating the Real Estate transaction, positioning you in the best possible situation to get the best price when you either to buy or sell. With leadership, innovation and forward thinking, Halo Group Realty, LLC is poised to make a huge impression in the real estate market while providing clients the keys to home ownership.
Our goal is to help make your dream a reality and take away all of the stress that goes along with purchasing or selling your home. Whether you are purchasing new construction, an existing home, or just an open space for future enjoyment, representation by a Halo agent is a valuable tool in making your dream become a reality.