Questions For Condominium Buying Success

Having a condo can have many benefits, such as reduced cost to buy and maintain very low maintenance, amenities and more. Having a condominium is different than possessing a single family home. You have to not forget that you are purchasing a piece of a complete. The individual unit might be magnificent and in excellent shape… but how is the complicated as an entire doing? Many disgruntled condo buyers are frustrated because they didn’t understand the questions to ask. The next questions must be asked before placing a contract on a twin vew condo and might help save you a lot of annoyance and despair.

May I have a copy of this Master Deed, Unit Deed and Bylaws? The Master Deed, unit Deed and Bylaws will inform you precisely what you have and what you’re accountable for, what you can and cannot do. Something’s to search for are pet limitation, parking and rental limitations. If something is important to you be sure you are able to do it. For instance, some com-plexes won’t let you install satellite dishes or allow you to let your unit.

May I see a couple of years of the institution are meeting minutes? Many institutions meet monthly or bi-monthly. The moments will clue you into what people are whining about and when there are any significant repairs coming up.

What’s this year’s budget and how much is from the book fund? You’ll get a statement with all the previous year’s budget along with also a pro-forma budget for the present year. See whether the institution was running a deficit or a surplus. There should be at least 10 percent of their yearly’s budget in book to help cover unforeseen expenses and repairs. If something does not seem right for you, ask queries before placing a contract on a twin vew condo.

Leave a Reply

Your email address will not be published. Required fields are marked *