Purchasing A New Condo? Here Is What You Should Know

by Admin

If you take a look at the real estate market you will discover that condos are unique. When you live in a condo you own your unit, but you also collectively own common areas with the other owners in the community.

This can be extremely helpful because certain things such as maintenance are handled by the community, so you don’t have to worry about them. If you are looking for new condos in Chandler AZ, you might want to take a look at our tips first.

Association fees

Association fees
Condo communities will require association fees once you move there. These fees usually cover insurance and maintenance. However, you need to know exactly what they include. Your association fees should include things such as road maintenance, trash pickup, landscaping, lawn maintenance and more.

If there is something that you want to be covered, you need to discuss with the community first. There are even condo communities that come with fees which include electric and heating. Additionally, you need to check if there are additional amenities such as pools or fitness centers. Remember that even if you do not use them, you still need to pay for them.

You should ask about association fees as soon as you find out the price of the condo. A very high fee can add to your debt and this might be something that you cannot afford. On the other hand, low fees mean that your community doesn’t have a large amount of reserve funds, which is not recommended.

Rules

Rules
Each condo community comes with its own rules, and you will have to respect them if you want to live there. Before you purchase a condo, make sure that you agree with all the rules and regulations of the association.Make sure that you review association rules yourself, don’t let your lawyer handle them for you, only to discover some unpleasant surprises after you move in.

If you have a pet, you need to make sure it is allowed. There are communities that don’t tolerate pets, or they allow only certain types. In addition to that, condo communities can have quiet hours. If you like to party, this is probably not the ideal place for you.

What does your condo include?


Condos don’t include the same things, so you need to know what yours includes, before you purchase it. For example, if you have a car you will need a parking spot. Make sure that your condo includes a reserved parking spot and find out whether it is in a covered garage or outside. If you need a place to store things you should check if your condo offers additional storage.

Purchasing A New Condo? Here Is What You Should Know was last modified: by

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