Condos are a bit more complicated than actual houses. Instead of occupying a lot, you’re occupying airspace, which can be difficult to understand for first- time buyers. Most people only see condos as an ordinary real estate that they tend to forget that it has its own rules and regulations. So before you purchase a unit for yourself, you have to know what common mistakes condo buyers usually do and learn from it.
Not Doing Their Research before Getting a Unit
Some condo buyers think that condos are the same with regular real estate properties that they don’t normally do some research about it. This often leads to problems and an unhappy condo life after a few years. When you’re buying a condo, you have to make sure that you know everything about the unit that you will be purchasing. You may ask a real estate agent in Alabama to know more about the basic condo title and the responsibilities of being a condo unit owner. Condo units have Homeowner’s Associations which help maintain the amenities inside the condominium complex. There may be fees associated with being a part of the homeowner’s association so you have to be prepared for it.
Not Having Any Clue about the Rules and Regulations
It’s very important to know if you can follow the rules and regulations set by the homeowners’ association. You need to understand the conditions, restrictions, and covenants of the HOA before purchasing a unit. Some HOA doesn’t allow pets within the vicinity so it would be quite a hassle if you actually have a dog.
Trusting Everything that the Real Estate Agent Tells You
Every real estate agents in all cities like Birmingham only has one intention in mind: that is to sell. So trusting what the real estate tells you all the time might not do you any good at all. He might only be saying those things just to sell you the property. So make sure that you do some research before getting a unit. You might want to check some online forums or websites if you can find any information about the condominium complex.
Not Doing an Inspection
Although all units look almost the same, you still have to make sure that you do an inspection before getting your own unit. Some people only base it in pictures and wouldn’t even bother checking the unit for themselves. Some things can’t be seen in the pictures which you can only see once you personally check the unit. As a smart condo buyer, you should never rely on what you see online. Make time to inspect the unit and see if it has any problems or issue. It will make your condo life much easier if you’ve already seen the unit before buying it.<< Back to the list.
Start Your Quote →
Primary Residential Mortgage, Inc.
Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.