Buying a condominium is not the same as buying a single-family home.
It is important to know the different considerations that need to be taken into account prior to purchasing a condo and the Heartland Iowa Realty Team can assist you with this process!
A condo is typically a shared piece of property with individual owners of each unit, or condo. Every condominium community is different with their own set of community rules, association fees and amenities.
First, determine whether a condo is the right fit for you. Consider the proximity to your neighbors as well as what maintenance is included in the association fees.
Next, contact the Heartland Iowa Realty Team to guide you though the process and ensure important documents are not overlooked. Typically, there are additional contracts that must be signed prior to closing to ensure you understand and agree to the association rules and regulations.
You must also obtain financing and pre-approval prior to looking at condos.
Ask plenty of questions when looking at various condos. Does the community offer additional parking for guests who visit? Is the parking spot in a covered garage? Is there additional storage available?
Most condo communities have a monthly, quarterly, bi-annual or annual fee that is required. The association fees are used to cover common expenses such as maintenance. Ask to see the condo community’s financial statements to verify there is a large amount of reserve funds in case of a major repair, like a roof.
Consider the amenities offered at the condo community, and if they will be useful to you. If you aren’t interested in a pool, fitness center, tennis courts or clubhouse, you will still be paying for these amenities.
Review the association rules, especially if you have pets! Some communities restrict the type of pet allowed, or prohibit pets entirely.
There are many important aspects to consider when buying a condo, and it’s important to know the right questions going into the process to set yourself up for a successful purchase!