The condominium lifestyle is one that features an individual owning a unit and having shared amenities. Such amenities include hallways, walkways, laundry rooms, yards, building exteriors and streets. Condominiums are also referred to as condos and have frequently been constructed as apartment buildings. However, in recent times detached condominiums that look like single family homes have increased in number. Condo living is also becoming popular due to the features that are characterized by such a style of housing. How does one get to purchase a condo, what does one look for? Below is a guide to buying a condominium.
Buying a Condominium Guide
Hire the services of a real estate agent
It is a good move to hire the services of a realtor who has had experience in selling condos. Such a realtor will help you in shopping for the condo that will meet your needs like Condos for sale Pattaya. They also understand what the needs and requirements are to owning a condo and will give relevant guidance and advice to ensure that the process and documents needed are not overlooked. Some of the processes involved in owning a condominium are aside from sales contract one will be needed to sign an agreement that you understand and agree with the association’s rules and regulations.
What does the condo include
It is important to inquire and know what feature will come with the condo. Will one have a parking and how many will there be. Is there a spot for guests parking in case one visits. How is the parking spot is it garage covered. Furthermore, it is important to assess the building’s overall condition, inside and out. Get the services of a home inspector to check this. Such an inspection will save one future headache regarding any repairs that are needed for the condo.
Associations manage most condominium residential areas. The residence is required to pay a fee. The fee is used to cover common bills and expenses like maintenance, security, and insurance. It is important to know what the association fee includes and what is excluded from the fee. Most fees include road maintenance, picking of garbage, lawn maintenance, landscaping, some can also include heating and electric repairs. A well, managed condo residence associations will be ready to share their statements with potential owners. Likewise, knowing what the fee charge is will impact whether you will buy and can afford the particular condo. A high fee may keep a buyer away.
Know what you are looking for
It is important to find a condo that will fit your needs. What are you seeking to have in terms of amenities? Do you want a condo community that has a pool, fitness center, clubhouse, tennis court? Are you looking for a location that has accessibility to shopping malls, schools, hospitals, and restaurants? Knowing your needs will guide in getting a condo that has such amenities or located near them.
Finally, consider your financing options. Verify what type of financing works for the particular condo unit. Some prefer cash buying while others can do a mortgage. It is important to know what is accepted. The above guide will be a valuable source as one looks into buying and owning a condominium.