Things to Consider When Buying a Condo Unit
More and more people are looking at buying units in condominium buildings instead of separate houses. With space being of prime consideration in urban centers, this is but understandable. Before you purchase a condo unit, though, there are certain considerations that you should look at.
Covenants, Conditions, and Restrictions
These are the rules and regulations that you have to follow if you are to reside in a condominium building. These can cover a lot of points – from pets in the building, visitors, painting and remodeling, and more.
Association Dues
The only thing that you will own is your unit. The upkeep of the common areas, the security, etc. – these will have to be covered by association dues. Make sure you understand how much the dues are and exactly what they cover.
Owner-occupants to Tenant Ratio
Many condo owners lease or rent out their units to tenants. If this is going to be an issue for you, you ought to find out the ratio. This can also come into play if you are going to take out a loan from a financial institution as some entities prefer a higher number of owner-occupants.