Some Tips on Condos !
Know what condos are selling for in the building and in the area. What are the trends ? Houses in the area ? Resale Value of Condo? Are these condos easily duplicated?
· Know what the condo fees cover ? What are the Condo Fees?_______ Water__ Gas __Utilities__ Exterior maintenance __ Pest Control__ Parking__ Homeowners Insurance__ Flood Insurance__ Security__ . Interior insurance for your contents are not covered, most times it is only the exterior and you will need additional Ins. for inside and contents.
· Condo documents will be examined to determine what modifications can be made in your unit. Condo assessments are paid by owners when a major repair needs to be done and there is not enough in reserve. Check the entire condo association as to the overall condition because you pay in the end.
· Security of the area and the condo association itself. Check out the immediate area during day and at night. Parking and on site security. Guest parking ?
· Condo taxes are the same as for homes if it is your primary residence, you will get a 75k homestead exemption. Taxes are usually the only thing held in escrow by the lender.