Condos are a big investment and can improve in value considerably if you make the right decisions. Some people love condo living and prefer having some assistance in maintaining the property. They also like the community feeling and the inclusive nature of condos. However, these properties are still a risky investment and you need to put some thought into the purchase before committing to it.
Whether you are looking at units in One River Place condos or browsing through Old Metairie real estate, it is important to take a real estate agent along with you. They will help you make the right decisions and keep you informed about the market conditions. The agent will also answer all of your questions regarding the purchase. Some of the most important questions to ask include:
- What Are The Association Fees?
This is one of the biggest factors to consider while buying a condo. Association fees are a monthly expense and they can strain your budget considerably if you don’t plan things well. It is important to understand the full association fees well before making a purchase. These fees are calculated based on the number of units, maintenance cost for short term and long term, management costs, litigation costs, repair funds, and other such factors.
You can ask your real estate agent to get a full breakdown of what’s included in association fees so you have a clear idea of what you’re paying for. Don’t be swayed by promises of low association fees because it’s likely they’re not funding their repairs well. If the association fees are low, there’s cause for concern.
- What Are The Rules?
The next step is to take a look at the rules of the association. Different organizations have different rules so it is important to make sure you’re familiar with them. Violating rules can lead to fines and other such consequences. Ask your real estate agent to provide a full list of rules and explain everything that you don’t understand. Take note of all the rules that you can’t live with. For example, some condos don’t allow pets and if you can’t live without your puppy, it is a good idea to look elsewhere. Some condos don’t allow you to rent out your units or plant flower beds in the balcony.
Being familiar with rules will help you avoid problems down the line. Many people don’t read them carefully enough and are forced to deal with the consequences.
- Is The Condo Tied Up In Any Litigation?
Life in the condos isn’t dull. It’s not uncommon for members to become involved in disputes and lawsuits with one another. Make sure there are no pending lawsuits in the condo community. If the establishment has too many lawsuits, it is a sign that it isn’t being managed properly. Your real estate agent can help you find the details of past litigations to help you make the right decisions.
Want to invest in one of the Krauss condos or are interested in similar properties, get advice from expert real estate agents first.