Condominiums are preferred by many of those who are single or have small families. But such people also tend to be young and are often unaware of the risks involved in purchasing such a dwelling.
Look at the physical state of the building.
The apartment may have been freshly painted and spruced up in anticipation of visits from those interested. So this fails to yield any information about the actual condition of the condo. Walk around and see what kind of condition the building is in. Is it well-maintained or in need of repairs here and there? The more flaws you notice, the greater is your risk.
- One couple found to their shock after buying a condo that the sewer pipes needed to be replaced. The cost? $15,000.
Brand new fittings in an apartment do not tell you the whole story.
Talk to the residents
Knock on their doors and tell them you are considering the purchase of a condo in the building. They can’t tell you about the condo, but they can always tell you about building maintenance issues that they face. This should give you a better idea of the true cost of ownership.
Look at the paperwork
The paperwork should tell you if there are any unfavorable clauses relating to pets, guest parking or noise. Read everything thoroughly, preferably twice, and see to it that there is nothing which prevents you from enjoying your home. If the wording is too complicated, you can hire professionals to check it for you. It costs around $500, but you might lose much more than that if you went ahead with the purchase and learnt it the hard way.
Get an experienced realtor by your side
Most of the time, a lot of homebuyers try to cut out realtors from the process, thinking of the percentage commission fees they will have to shell out. What you are paying for is his/her experience. He could prevent a lot of pitfalls, common mistakes that homebuyers make, and actually save you thousands of dollars at the end.