How To Buy A New House
You have to take it seriously when you are planning to buy a house. After all, not just it is going to be the biggest investment you will make but also, it may become the place you live for as long as you live. With this in mind, it is vital that you take into consideration the purchase, most especially if it’s a loft or a high rise condominium.
Number 1. Use the services of a real estate agent who is familiar with the market – successful home purchase is relying on your ability of finding real estate agent who is familiar with the market. There are lots of specialized agents and you have to find the one that is specializing in the purchase and sale of lofts and condos. The appropriate real estate agent knows about what’s available and can help you in finding the right home.
Number 2. Consider HOA fees and what they cover – lofts and condos are normally under HOA or Home Owner’s Association. And with this type of ownership, you would be charged either monthly or annual fees to cover the incurred expenses by community owned property. Prior to making a commitment to the purchase, the fees are covering the upkeep and maintenance of the building so you must ask the realtor about the amenities and fees.
Number 3. Read the HOAs conditions, restrictions and covenants – not only that, HOA is going to provide you a list of covenants, conditions and restrictions or simply known as CCRs. You need to read this carefully to be able to understand what can and can’t be done into the unit you are planning to buy. This is a lot more important if you have plans on doing renovations to it.
Number 4. Review HOA budget as well as meeting minutes – it is going to give you idea of where the fees will go and to how the community is run by reviewing HOA budget and meeting minutes. If ever there are lots of conflicts between the members of community, you could decide to reconsider and to look for other buildings.
Number 5. Review the building plans – it is vital that you look at building plans for the unit that you’re considering whether or not you’re planning for renovation. You might have telephone wires to the entire building running through your unit and should wish to give it a renovation. This as a matter of fact will play a big role in what you can and can’t do in your own unit.
This will help you make the right purchase for a new home so see to it that you’ve reviewed these things thoroughly.
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