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Here is a step by step guide for buyers looking to buy a condo in any area. These are important tactics to make a solid and accurate judgment on the property you're looking to purchase.- When purchasing a condominium make sure that you ask for the last three to six months of the condominium minutes. This information will provide you with a lot of insight into what is happening in the building.- Obtain a copy of the Declaration, the bylaws, and any rules and regulations from the Condo Association.- To make sure you are buying into a financially sound building, it is also advisable to find out if the building has any outstanding loans with a bank. Some buildings may take out loans instead of doing a special assessment as a way of doing major work such as new elevators or the exterior facade of the building.- Make sure you obtain a statement from the Condo Association of any capital expenditures anticipated by the Board within the current or succeeding two fiscal years.- Find out from the Condo Association if there are any pending suits or judgments in which the Board is a party.- If the building is newer, find out if the parking is deeded or assigned and whether you can sell it to a purchaser outside the building .Also, make sure you see the exact location of the garage spot before you write a contract to purchase the property.- Buildings with substantial reserves and lower assessments tend to appreciate at a faster rate than other buildings in a similar location. Keep in mind that assessments are based on how many amenities are in the building.- Resale in six flats tends to have better resale value than three flats. The rationale is that a six flat unit is a wider unit since it is constructed on a 50 x 125 foot lot.- The more horizontal a unit is the more apt it will have better resale value. Vertical units tend to have more hallways and typically do not have split bedrooms.- The higher the ceilings in a unit the larger the unit will feel. Most people typically prefer 9 foot ceilings or higher hence the height of the ceilings will usually effect resale. Article Tags: Make Sure, Condo Association
Important,Information,For,Cond