Everyone makes mistakes, some they are willing to admit and those that are best kept secret. However, when you make a mistake when purchasing a condominium, it can be on the scale of annoying to devastating. If you are considering looking for Condos For Sale In Downtown Brooklyn and purchasing one, avoiding the most common mistakes is crucial. These mistakes are highlighted here.
Getting into something You Can’t Handle
Prior to even starting the hunt for condo’s for sale, you need to know your budget and related costs for the purchase. You need to be prepared for a number of different monthly expenses that will include the typical mortgage payments, but also the dues for the condo home owner’s association, insurance, maintenance costs, utilities and any supplemental taxes.
Not Knowing Others in the Community
You need to find out if the majority of the people who are living in the condo complex are owners or renters. There are many situations where a condo owner will rent their unit out when they purchase a house. If there is a higher percentage of renters than owners on the property, then it will limit the lenders that will provide you with a loan, the re-sale value of your unit and how well the complex will be maintained.
Not Taking Time to Review the Condo Regulations and Rules
The seller of the condo unit is responsible for providing the condo buyer with the rules and regulations from the Home Owner’s Association. The buyer will then be responsible for reviewing these guidelines and signing of that they agree to what is outlined. There are a number of buyers who will skim over them, simply because of all the paperwork they have to handle; however, these rules and regulations are important and may contain things such as prohibition on having pets, special assessments, penalty charges for late payments of their dues and more.
Not Finding Out what the HOA Dues are For
You need to know exactly what the dues you pay to the HOA cover. For example, will it cover trash pickup or is that your responsibility?
Knowing the most common mistakes that condo buyers make will help you to avoid them. This can make the process of purchasing a condo much less stressful and help you fully understand all factors influencing the property you purchase.
