What You Should Know Before Buying A Condo Or Townhome
Condos Or Townhomes are growing in popularity and attracting families of all sizes.
Whether
in San Diego Ca Real Estate Market Or Any State in USA, Condos and
Townhomes can be an excellent choice for the right buyers. As a Buyer
Only Realtor And Office Exclusive Buyers Agent,
there are a few things that should considered I want to recommend,
before purchasing a condo or townhome. Most buyers start with the condo
itself. That may be a good place to begin but, before they buy, buyers
should also consider other factors outside of the condo.
Some
developers are building attached property that have a look and feel
like single-family homes. These modern condos or townhomes have great
rooms and open, flowing floor plans that look and feel like a
single-family home rather than an apartment or condo or something with
an attached wall like a townhome.
One
of the major attractions of condos is the low maintenance. The
community area is maintained by an association funded by the dues that
homeowners pay into it.
That's
why buyers' first consideration should be to explore the development
and make sure they like the look and feel of the complex and surrounding
community. There are codes and restrictions, often referred to as
CC&Rs (convenants, codes, restrictions) that buyers will have to
abide by once they purchase a condo. Buyers should ask to review them
before making an offer to purchase a condo. During Escrow, there is a
few day review period in most escrows to review CC&r’s and cancel
escrow, if a unpleasing find in the review occurs. For example, no more
than two dogs allowed ( you own three dogs) These regulations help
ensure that the community maintains its general appearance and any
necessary repairs of the external areas, conformity for all cohabitating
in the complex.
Review
the association's budget. It may be necessary to get the seller to
provide this information because it may not be released to a non-owner
who is only a potential buyer. If you find the Home Owners Association
Is close to bankruptcy or has an upcoming assessment, keeping in mind
there are no guarantees of future assessments, are considerations.
However, in considering buying into a development, it's almost like
going into business with the neighbors in the complex. It's important to
make sure that the association is running properly and has enough of a
reserve for necessary expenses and maintenance. The budget and CC&Rs
will give an idea about how stable the association is and if increases
in the homeowners' association dues are likely each year.
Find
out how many owners in the development are delinquent on their dues. A
condo complex that has a high level of delinquencies can cause problems
for buyers when it comes time to get a loan or sell the condo. Some
loans are not approved if delinquency rates are higher than 15 percent.
Review
the minutes from the association's board meetings. They will reveal the
day-to-day issues that occur each month and give an indication of how
the development is run. For instance, lots of complaints and filings
about noisy residents, loud parties, or dog droppings on the lawn reveal
potential problems with neighbors. The minutes will also reveal if the
development is engaged in any lawsuits. Most HOA’s end up with a lawsuit
at some point in their existence.
Understand
what your responsibilities are for the upkeep of the condo. Find out
what the association takes care of and what the homeowners have to
maintain. Look at the association's property management team and see how
many times the association has changed management companies. Find out
why. This will may reveal how responsive the association will be should
residents need its assistance.
Ultimately,
buyers need to ensure that when they purchase a condo they're not
buying into any legal battles the association is in the middle of and
that they will be able to live in their condo the way they want. Study
the CC&Rs and do due diligence before buying. Once you sign off on
the review period of CC& R’s during escrow and remove all
contingencies, the deposit is not refundable. But anytime before your
inspection due diligence period it is. Visit my website to contact me
for more advice or to have me prepare a custom hime search to take you
out and see some real estate if your purchasing in San Diego Or Orange County CA I Have Two Websites. 28 year Realtor experience available to you.
Buyer’s Only Coastal Realty is A Chartered NAEBA Member verified buyers
only agent and office.