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Insider Info: What You Need to Know About Buying a Condo

The benefit of looking for condos for sale rather than a house, especially if this is your first major investment, is that it can be easily maintained. In terms of utility bills and renovation expenses, the cost is kept at a minimum. Condominiums also come with facilities and amenities that will make your city living even more convenient.

But picking the right condo to purchase might mean getting into the nitty-gritty of what it can offer and how practical it can be for you. So, here we list down some of the factors you need to consider when buying a condo.

Buying a Condo

Purchasing or rent fees

Your condo price will depend mostly on the accessibility of the building to the city establishments, the facilities and amenities, and the layout of the condo you have chosen. The price also covers maintenance help, security, and a reserved parking slot if you want one.

For those who are planning to only rent a condo, you will most likely be asked for a security deposit which you can get at the end of your lease. This is supposed to pay, in advance, the damages incurred during your stay. Other than that, fees for maintenance and utilities also apply here.

Fund for major repairs

In your breakdown, you might notice fees reserved for major building repairs. Appropriately called Reserve Funds, these are fees put aside by the building association for important building repairs like heating, plumbing, roofing, and electrical. Ask if you can learn more about the reserve fund, how much you of the payment goes to it, and gauge if it is enough to make sure any building blunder will not affect you significantly.

Building a budget

Condominiums also plan out the budget for their year. This includes possible wiring changes, renovations, or even hiring new staff. You will have to know how condo fees increase but do try to ask how the fees are allocated to factors that keep the building running smoothly.

Buyer’s Rights

Lastly, every buyer should know that they have the right to cancel the purchase within 10 calendar days.  The date starts on the time the buyer receives a copy of the fully-signed purchase and sales agreement. The buyer also has the right to cancel the sales agreement on a 10-day period after any material or “significant” change to the disclosure statement.

Rights as buyers

You must know how many days you are allowed to cancel or modify your condo purchase before you are given the purchase and sales contract to sign. We cannot help but make last-minute decisions, so truly reading the fine print for something as important as this is imperative. If you have canceled your purchase, the developer must refund your deposit within an agreed-upon time.

Buying a place of your own is an important first step. Just keep these things in mind when you are browsing for condo developers and let it help you decide a home that fits your needs.

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