There are many different reasons why you might want to buy a condominium rather than a house, but there are some important considerations to make before you take the plunge. These include:
- Checking the maintenance and general condition of the whole complex – and find out what the plans are for repairs and regular maintenance like gardening and painting.
- Finding out exactly what additional fees and charges are involved with owning the condominium – make sure you know exactly what the maintenance and homeowners’ association costs are, and if there are additional levies to be paid at any stage.
- Reading the rules and bylaws of the complex very carefully, in case there are rules that you are not prepared to abide by – for example, bans on pets.
- Knowing whether you are buying freehold or leasehold – if you are only able to lease the land, then the value of the condominium should be lower to reflect this fact.
- Examining the financial statements of the body that runs the complex. Check that the money seems to be spent in a way you can agree with, and be sure that there is a suitable reserve fund being built and maintained for any emergencies that may arise.