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There are several pros and cons of buying an apartment. Having said that compared to a detached single-family home, this is a completely different homeownership experience. This varied experience can turn out to be best with the help of an ideal condo purchase checklist p. When you buy an apartment, you own your unit within the confines of the wall. However, the exterior of these walls is considered to be a common property which is something that the residents of the building share ownership of as one common unit. Therefore, the apartment experience can be seen as a kind of teamwork. Condo buying is a gruesome task and hence you should know exactly what to look at when buying a condo. However, before that, here is a brief definition of a condominium.
A condominium or as better known as a condo is a type of private living space inside a building or community, which is owned by a single owner. The nature of condos is simple as they have a clear structure and an extensive list of amenities, which can range from having gyms, swimming pools, playing areas for kids, barbeque kitchens, and many other amenities. Being the owner of the condo, you can also live in the unit before deciding to rent, so that the place is powered by personal touch and styling. You may also be more willing to allow certain modifications to the house or negotiate some elements of the lease as a future possibility. You can also read about 8 tips for buying a condo in Toronto here.
Now as you know what is the most appropriate meaning of a condo, you may now look at our exclusive condo purchase checklist below for a better understanding of condos and its buying procedure:
Condos can be found in almost any neighborhood you want to call home, so you will have many options. You may want to narrow down your options and decide whether you prefer a condo in an urban setting or a semi-urban one. Besides that, you can also consider other factors such as proximity to the workplace, schools, hospitals, rate of crime, transportation accessibility etc. Always remember, searching for an ideal location is the first condo purchase checklist.
If you are sure of buying a condo and have decided to go forward, then you should most probably consider hiring an experienced real estate agent who will be seeking your best interests at practice. Hiring an agent is one of the key developments that is included in the checklist for buying a condo. Ideally, you need someone with previous expertise in condo business so that he/she can resolve any issues you may have and guide you through the key steps, such as reviewing the condo association documents. Once hired, your agent should guide you well in the process of condo development in your area and the problems you may pose. An efficient broker will tell you if there is a dispute over community issues, hint you over an ideal property having a good resale value as well as guide you how to inspect a condo before buying.
Financing is one of the crucial points to be considered in a condo purchase checklist. It is important to understand that although you may be approved to finance the condo, that does not necessarily mean that the condo project you are looking for has been approved for financing. Some condos only allow financing for a certain number of units rather than pre-purchasing with cash. In order to verify the financing options of your condo, consider discussing with a loan officer and providing him/her with all the necessary details of your property. After a quick verification, the officer can notify you if your project has been approved for home loan financing. To know more about what is the difference between condo and apartment, click here.
Most condo apartment buildings are operated by the Homeowners Association (HOA), which is made up of resident members to help ensure that the property is well-maintained and organized. Before buying an apartment, you should research the HOA and obtain a copy of the community rules and regulations and financial statements. This is one of the promising aspects of a condo purchase checklist.
The third thing to ensure in the condo purchase checklist is the insurance deal of the condo. Before buying, ask if the condo is insured by the association. Otherwise, the property may not be safe in the event of sudden emergencies like fire, flood, theft, or other circumstances. Insurance makes it easier for owners to suffer partial or total losses in the event of an accident. If the condo is under an insurance plan, discuss with your personal insurance agent and ensure if any other supplemental insurance is required. If not, everything is set. Apart from this checklist, we also suggest you to check the condo purchase inspection checklist separately.
All condos charge maintenance fees, but it is important to measure the stability of these fees and their intended use in the future. As per our condo purchase checklist, ask and be clear with the owner or agent about how often and how much the fees have been raised in the past. This will provide you a basic idea of the fee structure and the expense related to it for future reference.
Now, we are at the end of the condo purchase checklist. Before you move, you should research where the mobile truck can be parked and if the delivery personnel must follow any special rules when bringing the merchandise to your home. You can also find out what welcome rugs or decorative items can be placed in the public hallway outside the door, and what items are allowed on the balcony or terrace. Read more about what is the difference between condo and townhouse here.
No wonder, moving to a new condo is a back-breaking task that includes a lot of complexes. However, following the steps mentioned in our condo purchase checklist, you can ensure a smooth and hassle-free transition; right from searching the property to moving in. For better accessibility, you can also download the condo-buying checklist pdf.