What Things You Should Look for While Buying a Condo
The thrill you feel when you get keys to your first house is matchless. On the contrary, this is a significant milestone that indicates you have moved one step ahead in life. However, before reaching this stage, you need to consider a few important ones, especially if you have bought a splendid condo with beautiful view (คอน โด วิว สวย, which is a term in Thai).
Checking Out the Documents of Condominium Is Essential
Each Condo Association functions by regulations called CC & R which lays the contract’s terms, and conditions. Condo boards apply these rules. These may differ according to the specification of every building.
Respecting CC&R is essential because they are for maintaining community discipline. They provide information on the maintenance of a building’s unit and general decorating rules in the community area. For example, the document may state that only specific automobiles can be parked in the driveway or prohibit keeping pets.
In particular, see CC&R Violation as well as HOA’s Environmental andfee payment Rules. At this point, get information on previous meetingsto understand the problems a condominium is going through.
Finding These Documents – The Right Source
The current owner will hand over all the necessary documents of the Condo Association that you need for having all the property-related information. However, if this is a freshly built new property, getting all the important information from the realtor or developer is advisable. Alternatively, you can also search the website of the association where all important documents are available without cost.
The price of apartments at a higher floor is more compared to those on a lower floor. The same rule would apply when you sell it. The apartments higher up would sell at a higher price compared to those on the lower floors. Though an apartment higher up is highly priced, it is worth investing in it for a couple of reasons. First of all, a condo with beautiful view is worth living in. Secondly you could charge a higher rental price for it. The amazing view offered by your upper floor apartment would give you an edge over the other home owners for renting out your apartment. Apart from these benefits, residents in the upper floors would be spared from less noise pollution from the streets. However, one downside is that residents of the upper floors have to incur higher common expenses compared to the lower floor flats.
Certificate of Condominium Reserve Fund and Status
The responsibility of building maintenance and condo fees allocation to your reserve fund lies is assigned to the ‘condo corporation’. The payment for the large replacements and repairs like roof damage is done from the reserve fund. Thus, it is better to find out well ahead whether the condo corporation has enough reserve fund or not. Otherwise, you could face huge fee hikes suddenly or pay a lump sum of one-time fee. To avoid this harassment, obtain the status certification well before purchasing your unit.
History of Maintenance
Regular maintenance of condos like all other buildings is a must. Hence it is necessary to find out whether a condominium is well-maintained for many years before buying one. Few of the condominium corporations do not bother to take care of condos. Thus, taking prior information about the upkeep of a condo is mandatory to save yourself from expensive repairs.
You should check these helpful tips before you buy your first property of a condo with beautiful view.