When purchasing a condo, there are several factors to consider. These include getting pre-approved for a mortgage, determining whether the condo community is on an approved community list, avoiding special assessments, and inspecting the construction quality. If you’re looking for a condo to move into, these tips can help you find the best one.
Condo is On An Approved Community List
When buying real estate for sale in Daytona Beach, finding out if a community is on an approved community list is a great way to ensure you are buying a legitimate home. Typically, the VA approves communities that meet certain standards and requirements. Fortunately, you can find out if a community is on this list through various resources.
One way to check if a condo community is approved is to review the community’s governing documents. These documents can give you valuable insider information on the community. For example, you can learn if the residents are friendly and cooperative, if neighbor complaints are common, or if any special assessments are being considered.
Avoiding Special Assessments
Special assessments are not the only hidden costs buyers should be aware of. Many of these large fees may even be imposed unknowingly on unsuspecting buyers. Depending on the structure of the building, special assessments can range from $50,000 to more than $400,000. The good news is that these costs are rarely as high as you think, and the fees are fairly split among all condominium owners.
It’s important to remember that the HOA may impose penalties for non-payment of special assessments, such as late fees. It can also levy a lien on your property. This makes it harder to obtain a mortgage if the special assessments aren’t paid. To avoid these pitfalls, ensure you have extra cash to pay special assessments. You can also be an active community member by attending meetings and newsletters to learn more about upcoming assessments.
Quality of Construction
As a buyer, the quality of construction is one of the most important criteria you need to consider. After all, a poorly-constructed home can put you and your family’s safety in danger, so you must ensure that your new home is built to last. However, gauging the quality of construction is not an easy task. Luckily, there are a few things that you can look for.
Firstly, look for cracks on the building’s exterior. These are signs of a faulty foundation. You can also look for small cracks in walls and doors. Another clue to poor construction is if the floor and wall tiles are poorly aligned. A properly-done floor and kitchen floor are level and symmetrical, and it should not be difficult to drive a nail into the wall. The quality of the construction is also reflected by the presence of adequate open space and landscaping. This indicates that the builder did not fill all square footage with buildings. This implies that the builder had thought about giving his clients a comfortable living experience.
Neighbor Noise
The sound of neighbor noise in a condominium can be a big issue, particularly if you have young children. If you suspect your neighbor is making noise at unobtrusive times, the first step is to contact the managing agent of the building. The managing agent will need to know the noise level of all residents to determine whether the noise is unacceptable. In addition, many condominiums have requirements for soundproofing, and owners must adhere to these rules.
You should also take the time to document noise complaints if you can. It is important to take detailed notes on the noise and document them. You can hire an acoustical engineer to determine the area’s noise level. If the noise is excessive, you may be able to request changes in the noise levels in the building or your neighbor’s behavior. However, don’t fight with your neighbor if they make noise.
HOA Budget
The HOA budget is an important part of buying a condo. In addition to regular maintenance fees, homeowners also pay special assessments for unexpected expenses. Usually, these assessments will cover building maintenance or landscaping expenses. If you want to save money on home maintenance, you’ll want to choose a condo with an HOA budget that covers these types of expenses.
A strong HOA budget includes reserves for future capital projects and repairs. Ideally, the reserve fund will be 70 percent or higher. A strong reserve fund means there are fewer surprises down the road. However, a small association with only a few units will likely not have many reserves. Therefore, smaller associations will only address repairs when they become necessary.
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