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Wrong plan leads to a wrong decision. You might have already heard that buying a condo is not that easy. There are things that you must think about twice before giving in. There are also some instances that you have to say 'no' to the things offered to you despite liking them the most.
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Understand what kind of 'mistake' you are trying to avoid. Horror stories abound about condominium ownership, and no horror story is universal. Each is unique and individual.
Primarily, best practices dictate that you also review the Reserve Study -- a document that details the useful life of all the real estate assets owned by the association and the financial health of the reserve account.
Review the past three years' financial statements and the past three years of board meeting minutes. Look for overspending against budgeted line items and ask questions for explanations. Meeting minutes can reveal lack of transparency and changes to CC&Rs, By-laws and Rules and Regulations.
Whenever possible, chat informally with a current resident, to discover the 'tenor' of the community. Can you live with the attitude and general feeling you find?
Also, attend a board meeting if that's possible: the current owner can invite you.
Take the full time to evaluate the 'neighborhood review' before you purchase, to confirm that this common interest community is one where you want to make your home.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoMake certain you understand condominium ownership. You should not buy one of the first units in a new condo. Wait until you can find a unit in a well established condominium. Check FHA requirements ahead of time if you use that type of financing. Review the rules and regulations of the condominium carefully and make certain you know exactly how much the maintenance fees are before you decide to buy
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What should I expect when I buy my first condo?
The contract and closing process can be intimidating for any first time buyer but it is greatly rewarding. Be sure to find out the condo dues and fees and when they are due.
Can a cash buyer of a condo legally place a secured first mortgage on the same condo acting as their own private party lender?
Depends on the state or commonwealth you in. Contact an attorney and review your docs
In today's market, is there much demand for a condo for rent?
Condo's are rarely rented except by their individual owners. The demand for housing is recovering, but prices are not. This of course is described as a buyer's market since the seller has little leverage.
Can a buyer get out of a signed contract on a condo?
State real estate laws vary on this point: your realtor or a local attorney can give you the answer you need.
What happens during a condo sale?
During a sale of a Condo are firstly to make the property ready for sale. Next you need to find a buyer and accept the best offer. Once you have chosen the buyer and they agree to continue you should appoint your lawyer and advise your bank if you have a mortgage. Finally if this was your home you will need to find somewhere else to live yourself
Is the land under the condo unit owned by the unit buyer or the condominium corporation?
Read your governing documents to determine what is owned by individual owners and what is owned by the association.
You are purchasing a condo which cost RM330.000 in Malaysia Which is the best?
Are you looking for condo for sale…If I get you correctly, you are looking to buy a condo for RM 330,000..This is a decent sum..are you looking for investment or self use..whichever way, why don't you search on sites that show you properties within your budget in various areas but you can also get in touch with their property experts.
Can painting condos a certain color help sell?
Yes. Neutral colors work best, so the potential buyer can imagine his/her possessions in the condo. Avoid colors that are too bold or bright. Don't just use white, use medium beige colors or sage greens. Kilim Beige by Sherwin Williams is a hot color now for model homes. If you are talking about exteriors--avoid blue and yellow.
Where can someone find information about purchasing a luxury condo?
Information about purchasing any kind of living establishment can usually be found at your local Realtor's office. Also, many grocery stores carry periodicals illustrating housing for rent and for sale.
What is an condo?
A condominium is a style of real estate ownership, where a buyer purchases a unit plus an interest in all the real estate assets in the community, based on a formula for allocated interest.
Do in condo washing machines overload condo plumbing?
Not if the condo was built to code.
What has the author George Condo written?
George Condo has written: 'George Condo'
