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Condo Living
Important Information For Condo
Buyers
by: Sheldon Salnick
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Here is a step by step guide for buyers looking
to buy a condo in any area. These are important
tactics to make a solid and accurate judgement on
the property you're looking to purchase.
- When purchasing a condominium make sure that you
ask for the last three to six months of the condominium
minutes. This infomation will provide you with alot
of insight into what is happening in the building.
- Obtain a copy of the Declaration, the bylaws,
and any rules and regulations from the Condo Association.
- To make sure you are buying into a financially
sound building, it is also advisable to find out
if the building has any outstanding loans with a
bank. Some buildings may take out loans instead
of doing a special assessment as a way of doing
major work such as new elevators or the exterior
facade of the building.
- Make sure you obtain a statement from the Condo
Association of any capital expenditures anticapted
by the Board within the current or succeeding two
fiscal years.
- Find out from the Condo Association if there are
any pending suits or judgements in which the Board
is a party.
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If the building is newer, find out if the parking
is deeded or assigned and whether you can sell it
to a purchaser outside the building .Also, make
sure you see the exact location of the garage spot
before you write a contract to purchase the property.
- Buildings with substantial reserves and lower
assessments tend to appreciate at a faster rate
than other buildings in a similiar location. Keep
in mind that assessments are based on how many amenities
are in the building.
- Resale in six flats tend to have better resale
value than three flats. The rationale is that a
six flat unit is a wider unit since it is constructed
on a 50 x 125 foot lot.
- The more horizontal a unit is the more apt it
will have better resale value. Vertical units tend
to have more hallways and typically do not have
split bedrooms.
- The higher the ceilings in a unit the larger the
unit will feel. Most people typically prefer 9 foot
ceilings or higher hence the height of the ceilings
will usually effect resale.
About The Author
Sheldon Salnick is a Realtor with Rubloff Residential
Properties. He has worked with new construction
buyers for the last 13 years and has represented
over $200 million in new construction. For more
information or guidance in the purchase of a new
construction home, townhome or condominium please
visit http://www.SheldonChicago.com.
info@SheldonChicago.com |
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