What You Should Know Before Buying A Condo Or Townhome
Condos Or Townhomes are growing in popularity and attracting families of all sizes.
Whether in San Diego Ca Real Estate Market Or Any State in USA, Condos and Townhomes can be an excellent choice for the right buyers. As a Buyer Only Realtor And Office Exclusive Buyers Agent, there are a few things that should considered I want to recommend, before purchasing a condo or townhome. Most buyers start with the condo itself. That may be a good place to begin but, before they buy, buyers should also consider other factors outside of the condo.
Some developers are building attached property that have a look and feel like single-family homes. These modern condos or townhomes have great rooms and open, flowing floor plans that look and feel like a single-family home rather than an apartment or condo or something with an attached wall like a townhome.
One of the major attractions of condos is the low maintenance. The community area is maintained by an association funded by the dues that homeowners pay into it.
That's why buyers' first consideration should be to explore the development and make sure they like the look and feel of the complex and surrounding community. There are codes and restrictions, often referred to as CC&Rs (convenants, codes, restrictions) that buyers will have to abide by once they purchase a condo. Buyers should ask to review them before making an offer to purchase a condo. During Escrow, there is a few day review period in most escrows to review CC&r’s and cancel escrow, if a unpleasing find in the review occurs. For example, no more than two dogs allowed ( you own three dogs) These regulations help ensure that the community maintains its general appearance and any necessary repairs of the external areas, conformity for all cohabitating in the complex.
Review the association's budget. It may be necessary to get the seller to provide this information because it may not be released to a non-owner who is only a potential buyer. If you find the Home Owners Association Is close to bankruptcy or has an upcoming assessment, keeping in mind there are no guarantees of future assessments, are considerations. However, in considering buying into a development, it's almost like going into business with the neighbors in the complex. It's important to make sure that the association is running properly and has enough of a reserve for necessary expenses and maintenance. The budget and CC&Rs will give an idea about how stable the association is and if increases in the homeowners' association dues are likely each year.
Find out how many owners in the development are delinquent on their dues. A condo complex that has a high level of delinquencies can cause problems for buyers when it comes time to get a loan or sell the condo. Some loans are not approved if delinquency rates are higher than 15 percent.
Review the minutes from the association's board meetings. They will reveal the day-to-day issues that occur each month and give an indication of how the development is run. For instance, lots of complaints and filings about noisy residents, loud parties, or dog droppings on the lawn reveal potential problems with neighbors. The minutes will also reveal if the development is engaged in any lawsuits. Most HOA’s end up with a lawsuit at some point in their existence.
Understand what your responsibilities are for the upkeep of the condo. Find out what the association takes care of and what the homeowners have to maintain. Look at the association's property management team and see how many times the association has changed management companies. Find out why. This will may reveal how responsive the association will be should residents need its assistance.
Ultimately, buyers need to ensure that when they purchase a condo they're not buying into any legal battles the association is in the middle of and that they will be able to live in their condo the way they want. Study the CC&Rs and do due diligence before buying. Once you sign off on the review period of CC& R’s during escrow and remove all contingencies, the deposit is not refundable. But anytime before your inspection due diligence period it is. Visit my website to contact me for more advice or to have me prepare a custom hime search to take you out and see some real estate if your purchasing in San Diego Or Orange County CA I Have Two Websites. 28 year Realtor experience available to you. Buyer’s Only Coastal Realty is A Chartered NAEBA Member verified buyers only agent and office.