Growing population, aging population, less land in suburb areas available and the average age of couples getting married is higher, leads to the poularity of condos as a home purchase option. The mechanics of buying a condo is different than purchasing a single family home.
While being a great alternative to a single family home for a person that doens't want to deal with a lot of maintence, it's important to know what you are buing into and the road ahead. The attached article lays out some important questions to ask when you are purchasing a condo.
When you are buying a condo it is important you are buying a piece of the whole. You usually just have control from inside stud to inside stud. After that their are other people making decisions that govern the complex read whole article....
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This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.
I pride myself in the quality of my work helping buyers and sellers make dreams come true.
Buying a condo? Services in the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury Visit my new page Andover MA Condos, Condominiums and Townhouses
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Ask about the shared services and getting them included in the inspection. How about a condo building with 36 units. When looking at the individual unit, the circuit breaker indicates 60 amp service. When looking at the maintenance room, there is a common 600 amp service line. That is only 16.6 amps per unit. What happens if everyone turned on the oven at 6 PM. Maybe the condo rules had a schedule for which night was your allocated cooking night.
Good afternoon- Good post and points. Condos are their own breed, but what I've found over and over again is that many people (especially in Active Adult communities) buy a condo because they assume that they never have to do anything regarding any kind of unit maintenance or repairs, etc. If you read the condo docs (which nobody does), you'll see that the condo owner does have their own responsibilities- including upkeep of the furnace and other like items.
Great advice on checking out the associations meeting minutes of the past year. You'll get a good flavor of what is going well and not well per those sheets.
Thanks,
Ken L.