A condominium also called as condo, is a form of real property where a specified part of a piece of real estate is individually owned. The owners of the condo can access the common facilities under legal rights associated with the ownership. Condos involve shared living and shared ownership. Here are some tips for choosing a perfect condominium:
Know the Developer:
The primary thing when you want to buy a condo is to research about the developer of the condo. Check his track record and his previous projects, and ask his previous customers. Ask the developer about the turn over date as some developers will take two to three years to deliver the unit and the investment will be locked in that property.
The location of the building and the easy access to the library, business center and transportation facilities in that location are to be checked. Also see for the location of the condo, which faces the street and provides good view.
Look for the elevators and the other facilities, and also check how wide or how big the common hallways are.
Generally condo living involves sharing common areas with other residents and there should be an efficient management team as they are responsible for the security and maintenance of the building and take care of the common areas.
- As the condo living involves sharing many things with the others, look at how good is sound proofing.
- Compare the monthly fee with the other condos in the surrounding area.
- Know about the financial position of the condo association.
- Know about the restrictions about the pets, age limits and hanging items and if there are any litigation about the condos.
- Ask if there are any disputes between the owners and the condo association.
With all the above factors taken care of, living in condo can be a good experience.