Are you in the market for a condominium? These properties are incredibly popular all across the nation and for good reason. A condo, short for condominium, is a building owned by multiple people where each unit is individually owned.
This type of housing environment brings a unique set of pros and cons. This means, when you’re purchasing a condo you have to watch out for some things you normally wouldn’t look for when house searching. Read on for some advice on how to purchase a condo, and see how you can find the perfect fit.
Tip #1: Find an experienced real estate agent.
Your number one priority is to find someone who is experienced in condo real estate.
Even though you own the property, the process is very different from purchasing a single family home. You may have to sign a contract with the community, and such contracts should always be reviewed by professionals who understand the field well. A condo title company, for example, will have some of the answers you need.
Tip #2: Get to know the neighbors.
Before you sign off, you may want to get to know your neighbors. After all, your surround community is much more important than it would be in an apartment community. You’re all working together to keep the building clean and safe, so there is a lot to take into consideration.
Tip #3: Know all the details.
Where are you going to park your car? Is there guest parking? Do you have a washing machine and a dryer? Can you see yourself safely raising your family in such an environment?
These are all important questions to ask yourself before you start the process of purchasing a condo because, at the end of the day, you have to live here.
Tip #4: Yes, you still need title insurance.
Even though the property is not a single family home, it is still a self-owned property, meaning past issues with payment and taxes and deeds will fall upon your shoulders.
A condo title company can help you figure out whether or not your condo is a safe investment, just as it would were you to buy a home.
Tip #5: Be aware of association fees.
Condo communities will require periodic fee payments in order to pool money from residents; this money is kept in case of emergencies, such as flooding, roof repair, or HVAC issues.
Association fees and the information surrounding them should be presented to you without hassle. If not, it may be a good idea to move on to the next community.
Your Trusted Condo Title Company
Are you still wary of the process of purchasing a condo? Have no fear—Armour Settlement Services is here.
We can help you financially protect yourself when you make your move to finally purchase your beautiful condo. Don’t go without proper title insurance, or else you run the risk of running into serious financial and emotional trouble.
Call Armour Settlement Services today for your free quote!