When considering buying a pre-built complex, check to see if it’s had any major repairs or issues since it was erected, and see if there’s a chance it will need repairs in the future. Repair costs have to come out of the owner’s pocket. For older units, there are most likely going to be many issues.
Utilities and HOA Fees
Often overlooked are the average utilities that come along with condos for sale downtown. Find out if they’re on a per-unit billing or separately metered. This gives an idea of monthly costs and gives the potential new owner a budget to consider.
In addition, there may be fees with the HOA or homeowners association. This is fine, but taking note is smart. Some condos for sale downtown are self-managed while others hire a management company for the details. Obtaining the estoppel certificate is important as it has information related to how stable financially the complex is. It will advise of any legal actions, repairs and assessments. It should also contain a yearly budget and possible increases and a whole plethora of information related to all this. Pet restrictions are also important, as many won’t buy or rent from a complex that allows no pets.
Get it in Writing
Any pertinent information that’s not in the estoppel certificate should be requested in writing. There should be nothing to hide if the condos for sale downtown are in great shape and are managed right. An air of transparency means that one is dealing with upstanding people. Any denial of access to information means something is off, and an investor should move on to other condos for sale downtown, as there are likely plenty of options.
A home inspector that’s knowledgeable about condos as well as a lawyer are great partners to have during such an endeavor. They’ll protect rights and make sure that the money spent is done so wisely, as they are experts at these types of transactions.
Making an Offer
Those who are read to make an offer on a unit or complex of condos for sale downtown should set closing for 60 days pending a good home inspection, due diligence checks and legal searches performed. No one should be pressured to make a decision on such a big purchase and this allows for time to really think it over.
Aside from these steps, it’s important to actually visit the complex if buying as an investment. Have chats with current residents and get a good feel if the condos for sale downtown are desirable, or if there’s any issues amongst members of the board and grievances with the management team that’s currently in place. Buyers will want to avoid any legal action as it can take all of the budget and leave them in the middle of a mess they didn’t ask for.
• Check all of the facts with a home inspection and legal professional.
• Get the estoppel certificate for the condos for sale downtown being considered along with yearly reports
• Get all information that’s not present in the written disclosures.
• See if there may be any future increases for maintenance costs.
• Chat with unit owners before a purchase contract for the inside scoop.
Follow these warnings and invest in condos for sale downtown that are the cream of the crop, money makers.