Helpful Tips for Purchasing Your First Condo

Helpful Tips for Purchasing Your First CondoIf you’re ready to transition from renter to condo owner, there are some things you need to know before you buy. Some things may be fairly obvious (before moving in you’ll need Urbana Condo Insurance to protect your investment) but others may come as a surprise. Here are some helpful tips for purchasing your first condo so you don’t end up with unpleasant surprises!

 

Evaluate the Community, Not Just the Condo

When you buy a condo, you’re also buying into a lifestyle. Some condo communities are geared toward active singles and have amenities including pools, tennis courts and fitness centers and hold regular social events. Other communities are geared toward seniors and place a premium on peace and quiet. Spend time in the community’s common areas. Ask yourself if you’ll fit in with your potential neighbors.

Identify What Is and Is Not Included

In many condo communities, parking is at a premium. Confirm from the seller that at least one reserved parking spot will be included in the sale. Some condo owners who don’t have cars rent their spaces out to other residents. Also find out about parking options for your guests. In many condo communities, there are dedicated storage areas owners may use. Find out if that’s included in the purchase price (if it’s not, you may need to rent an offsite storage unit and that could affect your condo-buying budget.)

Review the Rules

Many condominium communities belong to groups like the Association of Condominium, Townhouse and Home Owners Associations that help draft rules that all residents must abide by. Make sure to review the rules of the community you’re considering. Some communities restrict pet ownership, state that owners aren’t able to rent out their units or have strict “quiet hours.” In some cases, these rules may be deal-breakers (if you own a pet, you obviously don’t want to buy a condo in a no-pets-allowed community!)

Find Out About the Fees and What They Include

Condominium community association fees vary widely. Before you consider purchasing a condo, find out what the required fees are. In some cases, they are so significant that you may not be able to afford to buy a condo there. Once you find out what the fees are, ask what they cover. Typically, they’ll cover insurance and maintenance of the community’s common areas, water, sewer, and trash pickup. Sometimes they’ll even include electricity and heating (which could affect your budget in a positive way!)

If you’re considering buying your first condominium, make sure to protect your investment with a comprehensive insurance policy. Please contact us at Myers Insurance Group at (855) 534-5707 and we will craft a policy tailored just for you.

Please follow and like us:
This entry was posted in blog, Condo Association, condo insurance, Condominium insurance, Insurance and tagged , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.