Condominiums are the right choice for people who want to own their own home, but who don’t want to shovel their own sidewalks or mow their own lawns. “Contrary to popular belief, the word ‘condominium’ does not apply to the type of unit itself, but the legal ownership arrangement. Any multi-unit structure can “go condominium”, meaning occupants must either vacate the premises or purchase their apartments outright.”
The condo owner owns everything inside the unit, including the actual inside walls of the unit, while the rest of the complex is common ground. This includes elevators, pools, and even the sidewalks. Ownership dues to the condo association pay for the upkeep of all the common grounds, and condo owners will still have to pay their mortgages to the bank. And this does not include future condominium remodeling or construction projects.
Equity does build in a condominium, unlike renting an apartment, but the condo owner has considerably less privacy than a detached home since he or she is obviously sharing walls with neighbors.
When purchasing a condo, check out the security, parking, and amenities to make sure this is the right place for you. Observe the neighborhood to see if it is right for you; is it quiet, are there a lot of children around, does it seem like an active neighborhood? Take all of this into consideration. Ask the neighbors what the sound quality is like- can you hear what is going on next door? If so, that means they can hear you, too.
Request a market analysis from a real estate agent to check the appreciation values of the condominium you are considering buying. Ask for the minutes from a recent Homeowner’s meeting to learn what the residents are having issues with. Get a copy, if you can, of the HOA rules to find out how strict they are. Can you have holiday lights, lawn furniture, etc? Can you do a condo renovation without permission? You will want to know all of this before you move in so that there are no unpleasant surprises. Also ask about the HOA maintenance fee hikes. They may be more than you are willing to pay.
“Check the HOA’s history of assessments to see how many have been made in the past 10 years and how large they have been. This information will help you gauge how likely it is that you’ll be assessed in the near future, and indicate how well-managed the building is. Better managed buildings make fewer assessments.”
After that, buying a condo is like buying a house: get pre-approved for the loan, get a real estate agent, secure the loan, and close the deal. Oh wait, did I forget to add… get it inspected by a queens condominium inspection expert. Olympian has experienced inspectors on hand and waiting for your call and questions.
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