Questions to Ask Before Buying a Condo

100_5973 If you are one of the millions of prospective buyers out there trying to decide whether to buy a condo or a single-family home, we have put together some questions to ask before buying a condo.  We have found there is still confusion among many regarding condominiums and their rules, so here are a few things you need to know before signing on the dotted line.

  • Are there complaints about the condo? The people who know the most about a condominium are those who currently live there, so find some current owners and find out the pros and cons of that particular building.
  • Can you live with the management? Not only will you want to talk to the current manager but also to current residents about that manager.  If there is no onsite management team, discuss this fact with residents. How does self-management work in that condo?
  • Is there extra storage space available for residents?
  • What is insured and what is not insured? Every condo has its own insurance policy, and it is vitally important that you know what is covered by that policy.
  • Ask yourself if you are planning on moving in the next five years? Condos generally appreciate slower than homes, so plan on at least five years before you see a marked increase in value.
  • Sit down with your real estate agent and fully understand the monthly association fees before signing to buy. These can often be confusing so make sure they are explained to you by a professional.

Condo living is becoming increasingly popular and with good reason, but that doesn’t mean you don’t need to do due diligence before buying.

Sports Relocation, Inc assists players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.