8 Things you need to know before buying a Condo.
The condominium inventory in the Greater Boston Area is abundant, mortgage rates are good and you found a place that is just right for you….bedrooms, bathrooms, great kitchen, the works and you're ready to buy. Or are you?
When buying a condo, there is more to consider than just your unit. A condo is just one piece of a whole association. Whether you are buying into a two unit association or a 200 unit association, there are things you should know before signing on the dotted line.
1. If there is a deck, patio or yard, is it common space (used by all condo owners) or private (deeded to your exclusive use in the condo deed).
2. What changes are you allowed to make to your unit if any.
3. Are pets allowed, if so, are there restrictions.
4. Who manages the property in terms of snow removal, landscaping, repairs etc.
5. What is the monthly condo fee and what expenses does it cover?
6. Have there been any recent special assessments ( one time, often large, payments from unit owners for a repair cost that exceeds the budget capabilities) or are any planned?
7. What is the balance in the association budget?
8. Is there parking, if so, is it assigned, deeded, or first come first serve.
These are the most significant issues to discuss, but be sure to review the condo documents (most people make their offer to purchase subject to “satisfactory review of condo docs”), for any other items of concern.
Once you have gathered all this information and looked over all the associated documents, go ahead and buy that new furniture that is perfect for your new condo!
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