What You Need to Know in Buying Your First Condo
Making a big and expensive purchase is always nerve-wracking. There are too many variables for you to consider before making a decision. In fact, there is famous financial advice regarding big purchases; and it is to completely think over it for at least 30 days—for you to learn whether you really want to do it in the end.
For many people, big purchases could entail different things such as a car, a dream vacation, a house and lot, or a condominium unit; although numerous individuals, who belong in the younger generation, find themselves investing in a condo unit instead of the other things.
Usually, these people love the idea of settling and living in a compactand convenient setting. If you’re one of these people and you’re thinking of purchasing a condo, then you might want to consider these things first and foremost:
Carefully read through the association rules
Every condominium management can have different and distinct association rules. This is why it is important for you to read every association rule in every place you plan on checking into. You want to understand all the rules in the place you are planning on settling in. It will not bode well for you to finally sign the lease only to find out you don’t like the rules and regulations they are enforcing in your building.
Learn all about the association fees
One important factor you have to understand, when it comes to deciding to buy a condo unit, is that there are association fees you need to pay for at least every month. You need to know about them beforehand so that you can plan ahead for a proper budget. There’s really no need for you to wait up until you are comfortably living in your unit before figuring this out.
Furthermore, you got to learn all the facilities you are paying for in your association fees. Does it include security, a gym, a swimming pool, and other recreational areas?
This is important to know about since you want your money to be put in good use as well as utilize all the possible facilities available to you for free.
Be knowledgeable about what your condo might include
Apart from the association fee, you need to learn about your entire purchase. Are you really only paying for just your condo unit? Does it not include additional storage spaces? What about parking, is that being provided to you with your condo unit?
These questions are important to ask. Don’t be shy asking the salesperson you are talking to in purchasing your condo unit. For sure, they are happy to help you understand these things.
Secure that your building is insured
No one really likes to be negative when making a huge purchase; everyone wants their investments to pull through. However, it is always nice to prepare for the worst case scenarios. By doing this, you will not be caught off guard—which is why you must ensure that your building in insured for different kinds of emergencies, such as fire and earth quake.
All these items listed above are important factors you must consider before buying your very first condo unit. Keep these things in mind and you’ll find you have a lot less things to worry about in the future!
About the Author:
Laurel Santos may be a 24 year old adult but at her core she is just a little girl full of wonder. She lives in the city and works as a freelance photographer in the Philippines. She manages a small pet shop inside her village. She has a big heart for animals, especially stray dogs. She is an avid travellerbecause she believes that life is not lived within the borders of your own home. Despite her busy schedule she always finds time to do one thing that she is very passionate about and that is writing.