When purchasing any kind of property, there are many considerations that come into play. This also applies when one is buying a condo. However, there are a few unique aspects that only apply to the purchase of a condominium. With a condo, you should go for one with a credible homeowner’s association. This is majorly due to the convenience regarding maintenance of shared amenities. Therefore, it is necessary to understand the rules governing the condo of choice beforehand. Below is a condominium buyer’s guide.

The association’s monthly fee

To anticipate on the amount that you will be required to pay when purchasing a condominium, it is prudent to know the monthly fees payable to the association. Additionally, get to know if this amount fluctuates from time to time. That way, you will be well informed of the amount expected from you. Also, compare prices of different condominiums and weigh the options before narrowing down to one.

Ascertain the association’s insurance policy

Many homeowners associations subscribe to some insurance coverage. However, assuming that the insurance policy has adequate coverage would be a big mistake. Get a deeper understanding of the insurance coverage, inquire on what the insurance policy covers and to what extent in the case of loss.

Look at the by- laws and declarations governing the condominium

Condominiums are governed using some set laws. Some of the contents of the rules include units available, comprehensive description of property elements regulations, votes required to pass an agenda and restrictions among others. …