Questions to ask when buying a condo

by | Jul 5, 2013 | Real Estate

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Of course there are disadvantages to living in apartments, townhouses and condominiums; such things as your neighbor playing his music too loud or the family above you stomping around in what must be concrete shoes. When you looking for a condo for sale in Chelsea NYC, there are a few minor inconveniences that go along with multi-family living, but there are also many pros to this kind of home. A primary benefit is having the exterior and common area maintenance handled by the homeowners association.

A condo for sale in Chelsea NYC is often an ideal purchase for aging adults who are now empty nesters and looking to downsize, they can also be an ideal purchase for a young couple just starting out in life. When a condo is being considered, there are a few questions that need to be asked and answered.

Are the condo finances sound?

Maintenance in a condo is accomplished by using the monthly fees paid by the owners. This money covers the ongoing requirements in both the short term and long. When a major repair is required, the homeowners association who manage the money should have been putting part of the owner’s monthly fees aside to cover these unplanned events.

If the association does not manage the fees well, a special assessment may have to be made which is an unforeseen expense. Make sure the association is on sound financial footings before you buy in.

The rules and services:

One of the beauties of condo living is never having to face mowing the lawn or painting the trim again. You need to find out what other things you get to skip, are the rules so tight that you can’t decorate for the holidays or hang a bird feeder out the window?

Many condos have amenities such as swimming pools, tennis courts, gyms, etc. They also provide the owner with a secure storage area where they can store items that would normally go in the garage of a single family home, like a bike.

Go over the rules carefully and make sure that you can comfortably abide by them, if you have a pet that you love and the rules do not allow pets, the building is not right for you.

These are important issues; you should also confirm that the building is well soundproofed, that it is run by experienced management and that the resale potential is good.