In conjunction to buying a house, acquiring a condo unit also involves the same procedures such as applying for a mortgage and others. Buyers often prefer a condo unit over a house because of the convenience that it offers, particularly if these buyers enjoy urban living. And compared to a house, a condo unit requires less upkeep, which equates to lower maintenance costs. Commonly, residential condos have a homeowners’ association, which collects the fees for the maintenance of the common areas in the building, such as a lounge. Although you may own your condo unit, there are rules that you should abide by.
Condo communities like The Paper Mill in Liverpool City also have the same structure. Owners are required to take part in any requirements for the upkeep of the community. This type of community is one of the reasons why people choose to live in condos. The Paper Mill, among others, offers the best of both worlds. Designed by the likes of landscape architect Jamie Durie, architectural firm SJB and Woods Bagot, The Paper Mill is the brainchild of Coronation Properties, led by CEO Joe Nahas. This project aims to create the perfect blend of nature and urban life.
It’s these types of developments in the condo space that consumers are looking for. The city life incorporated with nature is a wonderful sight to behold. However, in terms of more technical prospect buyers need to understand that the process of acquiring a condo unit involves several uptakes, some of which could be complicated. Here are a few things that buyers need to take into account:
- The By-Laws And Declarations – reading this part are essential to understanding the important details of a condominium, which normally involves declaring the number of units, a list of common property elements, owner votes required to make changes, more. The by-laws are normally laid out to ensure that maintenance of the building does not go unnoticed.
- Do A Background Check Of The Current Members Of The Condo Association – the board group of the condo association is a small number of individuals who are responsible for upholding the by-laws and declarations. Knowing each individual a little more helps every owner in the long run.
- Ask If The Association Has Been Involved In Legal Cases Over The Last Five Years – although the association is designed to keep the building in one harmonious place, it could also be a source of problems. Learning a little bit of information can go a long way, particularly in legal issues.
- Ask If There Are Any Scheduled Major Maintenance – some buildings require the owners and tenants to pay for the maintenance fees. If you’re planning on purchasing a condo unit, you might as well ask for any in line major maintenance to keep you on track of your budget.
- Get A List Of The Monthly Fees For The Desired Unit – this part will play a huge role in your decision making later on. Doing so will give you a clear picture of just how much money you need to spend on your prospected units.
- Check If There Are Any Ongoing Legal Issues Involving The Desired Unit – keeping track on this helps you avoid certain problems in the long run, which could be costly and time consuming to deal with.
- Find Out The Renters To Live-In Ratio – this is purely subjective, but may give you some really good insights about the building and what it’s like to live in that place. A higher number of renters would give a reason for prospective buyers to shy away. However, this is purely subjective and may not be an issue to you and to other buyers.
- Check Out If The Building Covers Insurance For Natural Calamities – wind and fire are common problems any type of building would face. It would only be appropriate for the building to have sufficient insurance in case the inevitable happens.