The process of buying a condo is one of the most complex and stressful decision-making processes in adult life.
It’s crucial to have your questions answered before investing your money into the condo of your dreams. It’s also a great option if you want to own a home, without worrying about the maintenance aspect of it.
Here are some important questions to ask before putting your money in it.
What is the community and lifestyle like?
From management to amenities, it’s something that will make or break your daily life. Have a sit down with the management to talk to them about the living conditions and take a tour to explore your potential new neighbors. Have a chat with the tents currently living there to find out if it’s a great fit for you and your family. Check what kind of amenities the management has to offer such as gym, pool, or any shopping centers.
How well maintained is the condo?
Whether you’re someone who’s main focus is new construction or historic buildings, you must check how old the condo is. Older condos have a charming appeal to them, but it’s harder to maintain it or add smart technology when you need it. Older buildings will be very costly to fix when issues start to arise.
Older condos are known for lead paint and that can be dangerous if you have kids. Check if the windows and walls have been remodeled to cancel out any outside noise, the last thing you want is to wake up at 2:00 a.m. in the morning due to loud motorcycle noise outside your condo. Inspect the building to watch for any signs of water leakage, mold, busted elevators, or ceilings that have damage they never cared to fix.
Did you do your research and check the documents given to you?
Treat this as a life investment and take note of all the documentations the management provides. For example, if you’re looking for Myrtle Beach condos for sale, check the most recent copy of the financial report for the HOA, look into what the condo board is considering to change in the future, read the declaration of condominium, what are the Bylaws for the HOA?, and receive a copy of the condominium governance report.
There are many other documents the management should provide you with and it’s important to read through all of them.
Will you be allowed to renovate your condo in the future?
As you spend time in your new condo, you might decide you would like to change your kitchen layout, replace carpet with hardwood floors, or add a washing machine and drier to avoid all the work you have to do every time when it’s laundry day. Reading through the by laws and incorporation documents will help to give you an answer to what you’re allowed to update. HOAs could have some dos and don’ts when it comes to renovation, or a list of restrictions and material you aren’t allowed to use.