Have you been considering relocating to a condo? There are many reasons why you might be thinking to make this decision soon. It might be just that condos offer better living conditions, the fear that owning a home in future could be impossible or maybe you just want to change the environment. Whatever the reason, living in a condo is good in all ways.
What do the people living there say?
Before making any decision, it is advisable to have an idea of what it is like living in the neighborhood. Look for things like complaints raised by the occupants. A good way to learn what it is like living there is by talking to currents owners. If the people living there are not happy, you should expect nothing different. If the management takes months to respond to concerns raised, it is a good sign to look elsewhere.
How much amount of monthly contribution should one pay?
Considering that the amenities and maintenance operations are centrally managed, you should be ready make your contributions. The amount paid depends on the size of the facility, amenities and the number of units. In this regard, pay attentions to the charges you will be expected to pay considering that you also other financial commitments to live with. Make sure you can comfortably live with these monthly payments.
What does the insurance cover?
Most condo association have an insurance policy. As such, you should request a copy of the policy document and ensure you understand what is covered and what is not. In case you are not able to comprehend, you can talk to an insurance agent to ensure you understand what it is all about. In case the policy covers the structure only the building and not your valuables, you might look for a cheaper plan that takes care of them.
What are the rules?
Most condos are governed by rules. These rules explicitly state your responsibilities are a homeowner along with some dos and don’ts. For instance, you should look at the communities stance on pet ownership, use of shared amenities, possibilities of renting it out, among others. As such, read and understand every line to ensure you are comfortable with the rules there.