When buying a home it isn't always a single dwelling bungalow. Some people choose to live in a condo for the convenience or the location. Whatever the reason is for choosing a condo when buying a home, there are some things to think about and know before signing the purchase papers.
Sometimes it is possible to add those extra costs into the amount that is borrowed from the lending agency. Other times it's just not worth the interest that will be accrued on these amounts, and is better to save up the extra cash needed to buy the things needed for the first home.
Find out about the reserve fees that the condo association has when considering buying a home. The condo board is responsible for maintaining the elevators, the storage facilities and the furnaces that run the whole building. When they run low, fees might go up. This could be why the homeowner is willing to sell. Good practice to see the condo minutes for the year prior before buying.
If your condo has been newly renovated it is very wise to find out of those renovations were up to code. You do not want to find out after buying a home that you need to sink thousands into bringing it back to the standards of the board. Or you might not find out until you go to resell. Every building has its own codes and some even regulate who can do any renovations. This is important to consider also if you are planning to make any changes to an existing condo after purchasing. It is best to make your intentions known before signing and find out if your dreams are possible.
Buying a home should be fun. But it is also where you will spend a lot of your time. Think about the kind of person you are, before making your purchase. Buying a home with a doorman, swimming pool or exercise room might not be as important to you as one with balconies or allows pets. Prioritize when buying a home to get the most enjoyment from your significant purchase
Sometimes it is possible to add those extra costs into the amount that is borrowed from the lending agency. Other times it's just not worth the interest that will be accrued on these amounts, and is better to save up the extra cash needed to buy the things needed for the first home.
Find out about the reserve fees that the condo association has when considering buying a home. The condo board is responsible for maintaining the elevators, the storage facilities and the furnaces that run the whole building. When they run low, fees might go up. This could be why the homeowner is willing to sell. Good practice to see the condo minutes for the year prior before buying.
If your condo has been newly renovated it is very wise to find out of those renovations were up to code. You do not want to find out after buying a home that you need to sink thousands into bringing it back to the standards of the board. Or you might not find out until you go to resell. Every building has its own codes and some even regulate who can do any renovations. This is important to consider also if you are planning to make any changes to an existing condo after purchasing. It is best to make your intentions known before signing and find out if your dreams are possible.
Buying a home should be fun. But it is also where you will spend a lot of your time. Think about the kind of person you are, before making your purchase. Buying a home with a doorman, swimming pool or exercise room might not be as important to you as one with balconies or allows pets. Prioritize when buying a home to get the most enjoyment from your significant purchase
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