Prior the purchase of a condo, potential buyers ask themselves a lot of questions before placing their stake of lifetime savings to what they consider as potential jeopardies. This article will help you make a profound decision of if or if not to purchase a condo unit under sale. First and foremost, work with legit and considerate condo sellers like one I know located in Toronto known as Zen King West, It offers very considerate prices for their well-built condos and buyers are always satisfied. But it’s always quite essential to work with a local agent so as to negotiate favorable terms on your behalf and make sure that the process is effectively dealt with.
Understand the financial conditions of HOA (Home Owners Association)
Visit online condo platforms explaining in detail the HOA financial reports or ask for an HOA copy of the area you desire to purchase the condo, read and understand the latest financial reports of the HOA. Review minutes conducted by the HOA for the last 5 to 7 months at least and get to know the trend. Make sure that you also have a copy of the laws and rules of the CC&Rs.
If there exists an interactive platform online or if you have the time to visit the HOA headquarters, don’t hesitate to ask any questions that you might have on your mind regarding the condominium complex. Basic questions should also be asked and don’t make yourself believe without proper clarifications.
Get to know if the seller complied with applicable condo statuses of the area
Nowadays, many states require residential transfer disclosure statements, and this should be provided to the potential clients. In addition, request for a written disclosure about lead-based paints for houses built before 1978 and also a federal booklet about dangers of lead-paints which the federal government necessitates a necessary understanding of. Ask if there are other additional state or local disclosures required for example those disclosures concerning the compliance of the building codes, water, energy efficiency, radon, etc.
How do monthly fees compare to nearby condo complexes and what additional services are integrated
The comparison is always essential to understand the level of fairness of the deal you are engaging with. Have a proper understanding of the condo you are negotiating with and ask if any extra charges are planned. Ask if there are any repairs and replacements scheduled soon and if they exist, weigh on their effects.
Ask if the condo is professionally managed
Ill perceptions exist in most people living around the condos, and so security concerns are a huge issue to be vigilant. Proper management ascertains safety to those living in condos. If no sound management is offered, ask if there are plans for improvement and get to know if other buyers have similar concerns so as to obtain assuredness before making the purchase.