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Our mission at The Gresh Group is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

Friday, March 31, 2017

Buying a Condo

People buy condos for many different reasons. The young couple just beginning is as likely to buy one as the empty nest couple. The upwardly mobile millennial will like the freedom from the responsibilities that go with owning a single residence home. I call it the “no mow” principle.
Whatever your reason for considering the purchase of a condo, you need to understand what you are buying. Before making an offer, you should look into several aspects of the unit you are considering. First of all, can you live with the people next door (or upstairs)? Depending on the way it is built, you will have to deal with varying degrees of noise from the other side of the wall or ceiling. It’s a good idea to visit the place when noise is more likely to occur, like mealtime, to decide if the decibel level is acceptable.
Ask for a tour of the whole complex. You can learn a lot that way. For instance, are the common areas and corridors clean, free of debris, and in good repair? If you walk through the corridors, what sort of odors do you detect? If there are pet or mildew type odors, that isn’t a good sign. If you have children, the play and pool areas are of concern. Do they have a lifeguard? Does the play equipment (swings, slides, etc.) look sturdy?
The rules at condos vary. Request a copy of the condo association’s rules, which are called “Covenants, Conditions, and Restrictions (CC&Rs) right away. These will contain the rules about parking, pets, noise containment, and more. It will also spell out the consequences of non-compliance.  If there are items you cannot tolerate, you have a certain amount of time to rescind your purchase.
Be sure to check on the financial stability of the condo association. If the delinquency rate for residents is on the high side, it could affect your ability to obtain a mortgage. The bank will be checking on this, also, so you could consider that an extra back-up to your vigilance. You wouldn’t want to do business with a group that has a poor record.
Don’t get nervous if the condo association asks you to submit to an interview with its board of directors. The interview is mostly to ensure that you are able to afford to buy their condo, and that you seem reasonably likely to follow the rules. I hope you will contact me, Janet Gresh, when you decide it’s time to look for a condo to buy. I can get you the best deal possible.