5: how Sound are the Finances?
To avoid having buyers laugh in your face 10 years down the line when they hear your asking price, do some digging to help ensure you won’t have to sell at a loss in the future. Unless you have a Magic 8-Ball that actually works (you don’t), there’s no guarantee you’ll recoup your investment or make additional profits, but certain questions will help give you a better picture of what you’re buying into.
But before anyone jumps into the condo market, though, it’s important to ask several questions of many different parties. This money covers the upkeep of the condo in the short and long term, along with the price tag for the property management team if there is one. How Resalable is the Condo? How Sound Are the Finances? Condo associations charge monthly fees for maintenance costs. 5: How Sound Are the Finances? How Effective is the Soundproofing? How Comprehensive Are the Services (and the Rules)? How Experienced is the Management?
Your neighbor to the right likes to play loud music that always sets your dog barking. Your neighbor above you stomps around like a dinosaur. Disagreements between neighbors can really sour a living experience. Unfortunately, those sorts of feuds can be fairly common in condominium complexes. You feel boxed in on all sides. The exterior upkeep and maintenance management, which are normally handled through homeowners association (HOA) fees, are just two examples. Condos are often recommended for aging adults who are looking to downsize, as well as people just getting their feet wet in the world of home buying. Your neighbor to the left likes to hang laundry out on the balcony. But there are also plenty of pros. Close quarters and compromised soundproofing are just two of the cons to buying a condo.
Owner-only properties bring a better resale value. The ratio of sold to unsold condos matters as well – beware of complexes full of unsold, vacant units. Yes, but keep in mind is how long you intend to live in your condo. If it’s less than five years, a condo might not be the best choice for you – they take longer to appreciate in value than typical housing. This article was interesting to write because I knew very little about the pros and cons of condo life. Is it good to buy condos for investment?
What does the Better Business Bureau have to say? Also, take a look at the homeowners association (HOA) leadership. Do the neighbors think of the association as a resource for keeping the community happy, or as a clique of nit-pickers who keep everyone on pins and needles? It may turn out that the HOA is a bigger part of your life than the people next door, so get a sense of what your relationship with them may be like. Are they trustworthy and fair? If the developer’s reputation is at all shaky, move on to the next one.
