CONSIDERATIONS BEFOREBUYING A CONDO8

Buying a home should be taken very seriously.

After all, not only will it probably be the most expensive purchase you ever make in your lifetime, but it may just be the place you reside in for the rest of your life.

For these reasons, it is important to consider all aspects of the purchase, especially if it is a high rise condo or loft.

UTILIZE A REAL ESTATE AGENT FAMILIAR WITH THE MARKET1

A successful home purchase will rely on your ability to find a real estate agent who is familiar with the market.

Many agents specialize and you should find one that specializes in the sale and purchase of condos and lofts.

The right real estate agent will know all about what is available and will help you find just the right home.

CONSIDER THE HOA FEES AND WHAT THEY COVER2

Condos and lofts will usually be under a Home Owner’s Association.

With this type of ownership, youwill be charged either monthly or yearly fees to cover the expenses incurred by the community owned property.

The fees cover maintenance and upkeep of the building. Ask your Realtor about the fees and amenities before you make a commitment to purchase.

READ THE HOAS COVENANTS, CONDITIONS, AND RESTRICTIONS3

The HOA will also give you a list of Covenants, Conditions, and Restrictions (CCRs).

You will want to go over this thoroughly so you understand what can and cannot be done in the unit you are purchasing.

This is especially important if you plan on doing any renovations to it.

REVIEW HOA BUDGET AND MEETING MINUTES4

Reviewing the HOA budget and meeting minutes will also give you an idea of how the community is run and where the fees go.

If there is a lot of conflict between members of the community, you may decide to reconsider and look for another building.

REVIEW BUILDING PLANS5

Whether you plan to do renovations or not, it is important to look at the building plans for the unit you are considering.

You may have the telephone wires to the whole building running through your unit and, should you wish to renovate, this may play a factor in what you can and cannot do in your own condo or loft.

INSPECT THE COMMUNITY OWNED AREAS6

An inspection of the community owned areas will also give you a good idea of how the building is operated.

Make sure the areas are kept clean and repaired, because if they're not, most likely it will not change after you move in.

OCCUPIED UNITS IN BUILDING7

Another factor to consider is how many units are occupied in the building.

A low occupancy rate will mean the value of the property may go down, unless it is a new building.

If you are looking at a condo or loft as an investment, this is important and you should discuss it with your real estate agent.

HIRE A PROFESSIONAL BUILDING INSPECTOR8

When you find a unit you want, make the purchase with the condition that it passes a professional building inspection.

The inspector will come in and provide you with details on the condition of the unit and building, as well as any repairs that should be made by the owner prior to purchase.

If you are looking for Phoenix urban condos, We Know Urban Realty will help you find the perfect place.

Their realtors are experts when it comes to urban living.

Visit the site to see what's available right now: http://weknowurban.com/

Will Daly, BrokerWe Know Urban Realty, LLC834 E Claremont Street, No 3Phoenix, AZ 85014(480) 510-8755Email: Will@WeKnowUrban.com