Tuesday, May 6, 2014
Living in a condominium differs greatly to living in a home situated outside of a subdivision.
Therefore, those who have their sights set on buying a condo need to consider some of these overlooked factors.
Condominium buildings typically have condominium associations, which are in charge of the maintenance and repair of common areas, as well as the administration and security of the building.
Buying a condo unit means you’ll have to abide by the condo association’s rules and regulations. The association may have rules on pets, visitor parking, smoking, use of amenities and renovations, among others. So it’s often best to check the association rules before you buy the property, to see whether the level of restriction is something you can live with.
Aside from the rules, associations also charge monthly dues. Check how much the fees are and assess if you can afford them.
Neighbors and privacy
The structure of a condominium building makes for less privacy when compared to your average single detached home. Thus, an important consideration for condo buyers is the type and number of condo residents in the building.
If you’re a retiree looking for peace and quiet, then living amid young residents who tend to be loud and disruptive may not be your best option. Look for a condo community with residents you can potentially get along with.
One of the perks of living in a condominium building is the number of amenities that come with the unit. Depending on the development, there may be a swimming pool or gym in the building. Choose a condo that has the amenities you need.
Proper and routine maintenance of the facilities is also a great condo must-have. Aside from these attractive amenities, be sure to check whether the basic necessities such as gas, water and electricity are in working order.