Posted on: 15 October 2021
The location of the property, its facilities, and parking access are all important factors to consider with the purchase of a condo in a high rise. However, the assessment should not stop there. There are other factors that are equally, if not more, important that should be researched before signing your name on a purchase agreement.
The density of a building is somewhat a reference to its occupancy. Not just in terms of how many units have been purchased, but instead, how many units in total are in the building, in comparison to its size. Ideally, high-rise units should have enough facilities to accommodate their density.
For example, a building with 150 units, but one on-site laundry unit and only two elevators in the building, would be nothing short of a nightmare in terms of accessibility. Particularly, if you want to take advantage of these facilities, make sure the density matches what is offered. A real estate professional can help you assess this information.
Although you technically own the condo, understand that you will still have to work with a management company. The management company should help to make your ownership experience awesome.
Reach out to a real estate professional to find out how the company operates. Do they have a history of thorough communication with owners? Are resident fees used to upgrade features in the building? Are property inspections frequent and helpful? These are just a few questions to ask. The more professional the company, the better your ownership experience.
As an owner of a condo unit, you will have to pay fees. These fees generally involve assessment fees, maintenance fees, and homeowners' association fees. Assessment fees cover updates to the building, such as a new roof installation after storm damage, maintenance fees cover general maintenance to your unit, and homeowner's association fees cover community expenses, such as landscaping.
A building can have some of these fees or all of them and the cost of these fees can vary widely. Keep in mind, these fees are separate from your mortgage and insurance. Ensure you factor in all these costs to measure the affordability of the purchase.
Again, all of this information is not always readily available; sometimes there is research involved. Partner with a real estate office that can discover this information for you and assist you with the entire purchasing process, like Sonoran Sky Real Estate.Share