Whether you’re looking to acquire your first home or just desire to leave the responsibility of having a house behind you, condos can be quite a good way to possess a low maintenance home. You’ll find, however, a couple of trade-offs associated with having a condominium, so before the leap, ask these five questions.

1. May be the Building Insured?

One of the most important things to find out is whether or not your condo’s insurance coverage is adequate. Insufficient coverage may cause serious financial burdens later on or could even allow it to be impossible to get financing. Guarantee the board has maintained adequate coverage around the building and verify the amount of coverage via your own insurance professional.

2. The number of Investors Exist?

If you’re going to invest in your purchase, your bank could find the dwelling a risky investment as a result of amount of investors and deny the loan. In case there are too many investors, this will make it harder to get banks happy to offer mortgages, which can have an impact on the resale value of your own home, at the same time. Being a good guideline, ensure investors own lower than 30 % of the building.

3. Will This Match your Lifestyle?

Condos are a good way to obtain a house while not having to personally cope with maintenance costs, because these are usually bundled to your fees each month and taken proper by professionals. Keep in mind that living in a condominium entails being a member of a community, so ensure you’re confident with the amount of activity and noise you’ll be coping with with your building.

4. Do you know the Condo Fees?

Whilst it may go through like you’re saving by buying Artra Condo rather than house, do not forget that the continuing fees have to be considered. Find out before hand just how much you’ll be liable per month, and factor late charges to your budget before signing anything.

5. Do you know the Reserves Like?

Whilst it could be nearly impossible to find this info from the board before you buy, many sellers will openly offer specifics of the property’s reserve funds. Seeing just how much a structure has rolling around in its reserve funds might help determine how well the board handles the finances of the building. The reserve can also be used for unforeseen costs, like broken pipes or new roofs. When the reserve cannot cover these costs, you may have to pay area of the bill.
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