Your Checklist For Buying Condominiums

 

Condominiums are one of your best options for dwellings. This paves way for high-rise living, wherein homeowners experience a different kind of lifestyle. It is modern and above all provides a certain degree of convenience in maintaining a home.

The privileges that condominium living can bring comes with a price. Some condominiums are expensive not only in terms of acquisition but also in getting the convenience in maintaining the property. Despite of the cost, people are still wishing to have a dwelling like this because living in one is definitely prestigious.
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Checklist for Buying

For you to have the best condominiums, you should know exactly what to look for before buying. In this section, you will find the lists of features that a good condominium should have:

1. Know more about the developer's reputation

From this alone, you can determine the quality of condominiums they have built. If you must, you can investigate by asking existing condo owners about how well their complaints and requests are being handled. You also need to determine if the developers have legal suits. If they constantly have one, you can really tell that they may have tons of unsatisfied owners.

2. Look into various documents

Condo living is governed by different kinds of laws (by-laws, declarations, articles of incorporation). You will also know more about their regulations in purchase upon reading the purchase agreement. Moreover, there are also certain documents that serve as a guideline on how every resident should act within the premises. The controlling association gives this. Learn more about these things so you will know the degree of limitations you have, as this can affect your quality of living.

3. Regular Fees to be paid

Even if you have fully paid your units, you are not yet freed from paying fees. The controlling association of condominiums requires certain fees to cover the maintenance of conjugal areas like parking lots, lobby, elevators and more.

One thing to bear in mind is that even if you are paying high fees, it does not guarantee the quality of service. So, do not judge right away that the more expensive your fees are the better services you will be getting. Once you find out the fees, learn what it covers so that you will know exactly where to draw the line in terms of your demands.

4. Safety and Security of the Place

Most condominiums have security personnel to control the influx of guests and unwanted visitors. So know how security systems work. Check if they have security guards, CCTV cameras, intercoms and anything alike. You also want to make sure the whole place is safe from fire and other hazards. Do they have built in automatic sprinklers installed? How about fire exits? Do they have it too? Is it strategically made?

5. Insurance Coverage

Understand what can be covered in cases of rebuilding, upgrades, damages and other mishaps. Read through the association's policy so you know exactly what is protected and not. If you may, you can seek assistance from insurance agents to understand the policy.

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References
Condominium
https://en.wikipedia.org/wiki/Condominium