An Alternative to Consider When Purchasing a House
House shopper: Do you lack money for a sizable down payment that a Single Family home would require? Would you like to own a piece of Real Estate, but not a lot of upkeep that comes with it? Perhaps you would like to throw away the snow shovel and for sure the lawnmower and garden tools. Maybe, instead of purchasing a Single Family home you should consider a Condo or Townhouse. I have many friends who have always enjoyed Condo living. While I know it isn't for everyone, you might be pleasantly surprised at how pleasurable it is to live in a well maintained association that provides many of the above services, and more.
Here is something to remember when considering this kind of purchase. The amount of research you do in preparation should be no less than if you were buying a Single Family house.
Here is a proposed list of essential study.
Type of construction. Whether you are buying a new or previously owned house, search for units that are well-built and well-maintained. Does the builder or contractor have a solid, respected reputation?
Location, location and location is as essential for this kind of house as it is for a Single Family home. For example: Ask your Realtor®, "What helps a Townhouse or Condominium to perform well in re-sale"? "How has this area appreciated throughout the years?"
Study the homeowner's association documents. Know about fees. How often have fees been raised down through the years? Check up on the board and know how well they perform together at their meetings. Do they work together in harmony? Has the association maintained a good supply of reserves for future upkeep and repairs? What about rules? Rules enforced today will in all probability continue to remain in force when you move in. Don't think they will change just because of your presence in the community.
Find a copy of the Associations Newsletter. Read it and learn about what could be your future home. Ask for a copy of the previous Board Meeting minutes. Meet the President of the association and ask questions! Ask potential neighbors about how quiet the units are. How many parking stalls do you receive or is their covered parking?
Finally, don't forget a Home Inspection. A condo or townhouse should be looked at under the same kind of microscopic examination as a Single Family home.
Enjoy your house hunting...