It’s always good to be careful when entering into any sort of financial agreement. One of the most important agreements you might enter into is about purchasing a new home. After all, there’s no walking away from that situation; once you sign, you have to live there. This goes double when you are buying a condo, because you’re not just dealing with the land, you have to deal with the condos management board. A good board can make your life better and easier, but a bad one can make you miserable. Therefore, before you buy a condo, there are a few very important questions that you should ask.
Tell Me About the Fees
Usually, you will have to pay a monthly fee of a couple of hundred dollars upon purchasing a condo. Find out what that fee is, and find out exactly what it is you’re paying for. Try to be sure that you’re getting what you pay for; for instance, if you live in an area that gets snow in the winter, make sure that the fees will cover snow removal. Or, if you find Central Park condos for sale, find out if parking is a part of the fee. Also, make sure that there are no extra or “hidden” fees on top of the regular ones.
Look at Financial Statements
If you are buying a place at a condo, you should be allowed access to the financial statements. Basically, what you’re looking for here is that the condo organization is above board and financially healthy. Make sure that expenses don’t exceed the income, and that there’s enough money in reserve in case of a crisis, otherwise you might have to pay out of pocket if one arises.
Ask About Assessments
An assessment is when there is an extra fee on top of the usual monthly one, generally to pay for some project, either fixing something or adding/enhancing a part of the property. It’s more than possible that you could buy one month and get hit with an assessment the next month, unless you make sure you know about any assessments coming up.
What Are the Rules?
This is basically the most important question to ask. Just like living in an apartment, living in a condo requires that you abide by a set of rules. If you break these, even inadvertently, you could find yourself charged with a large fine, or even kicked out of your home. Make sure to get all of the rules in writing so you can best obey them. For more information visit 360cpwny.com.
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