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Jan 4, 2017

3 Facts to Know About Condos Before Making a Purchase

Category: Articles
Posted by: admin
Condos are one of the more popular property choices available for families, and they are most popular for first-time property owners, senior citizens and others who may not need to live in a huge house. Condos and lofts are most common in downtown or urban areas, but you can find them in smaller communities as well as suburbs. If you have started searching for the right condos for sale for your needs, you may consider focusing on these three key facts before you finalize your buying decision.

Landscaping and Exterior Maintenance Are Not Your Responsibility
Some condo buyers may love the interior of a property but may be less thrilled about the exterior. Some may think that they can change some of the landscaping around their unit, add shutters to the property or even change the front door to their unit after moving in. However, keep in mind that both landscaping and exterior property maintenance and repair work are the responsibilities of your condo board or association. You may be able to change your front door, but this change would need to be approved by the board first.

The Condo Board Makes Important Property Decisions
With a condo purchase, you own the unit and interior of the building, and the board retains ownership of the land and the exterior of the building. Furthermore, the condo board is solely responsible for making important property decisions. The board is typically made up of condo unit owners, so you may need to run for a board member position if you want to make changes to how the property is managed.

The Condo Board's Budget Impacts Property Condition
The condo board is responsible for collecting monthly or quarterly ownership dues from each condo owner. These dues may be used to pay for everything from running the pool and on-site fitness center to re-paving the parking lot, painting the exterior of the buildings and more. These are factors that have a direct impact on your property value and on your ability to re-sell the condo later. Therefore, ensure that you review the budget and spending decisions carefully.

There are numerous benefits associated with owning a condo, and many people appreciate the fact that the condo board takes care of exterior maintenance and upkeep. However, this can limit your options to make changes to the property and can impact property values in some cases. Therefore, ensure that you fully understand how the board can affect your life before you make the final decision to purchase a condo. Remember that ownership and management vary from property to property, and your careful review of these items before you make a purchase can be instrumental in making a successful buying decision. For more information, visit Reza Afshar Real Estate and learn more from the available resources.