Whether you’re looking to acquire the first home or simply want to leave the responsibility of buying a house behind you, condos can be quite a good way to possess a low maintenance home. There are, however, a few trade-offs related to buying a condominium, so prior to taking the leap, ask these five questions.

1. Is the Building Insured?

Just about the most significant things to find out is whether or not your condo’s insurance plan is adequate. Insufficient coverage could cause serious financial burdens later on or may even make it unattainable financing. Make sure the board has maintained adequate coverage for the building and verify the quantity of coverage by your own agent.

2. The number of Investors Is there?

If you’re going to fund you buy, your bank might discover the dwelling a dangerous investment due to number of investors and deny the loan. In case there are way too many investors, this will make it tougher to find banks willing to offer mortgages, that may impact the resale price of your home, too. Like a good rule of thumb, be sure investors own lower than 30 percent of the building.

3. Will This Satisfy your Lifestyle?

Condos are an easy way to obtain a home and never have to personally handle maintenance costs, since these are often bundled to your fees each month and brought proper care of by professionals. Understand that moving into a condominium also means being part of an online community, so be sure you’re more comfortable with the quantity of activity and noise you will end up dealing with inside your building.

4. Do you know the Condo Fees?

While it may feel like you’re saving by purchasing Artra Condo instead of a house, understand that the fees must be taken into account. Learn before hand how much you will end up responsible for each month, and factor late payment fees to your budget prior to you signing anything.

5. Do you know the Reserves Like?

While it might be rare to find this info in the board before buying, many sellers will openly offer information about the property’s reserve funds. Seeing how much a building has in its reserve funds can help determine how well the board handles the finances of the building. The reserve is also utilized for unforeseen costs, like broken pipes or new roofs. If the reserve cannot cover these costs, you may have to pay the main bill.
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