How to Get the Most of Resale Condos

How to Get the Most of Resale Condos

When you are buying a resale condo, you’d find that the perils you have to avoid are not the same as when you are purchasing directly from a developer.
To help ensure that you’re getting the most of this kind of purchase, here are some buying tips for you:
Know the exact boundaries of the unit and whether you’ll get a reasonable unit factor (this is used to define the portion of ownership in a condo building).
Find a professional home inspector who can thoroughly evaluate not just the condition of the unit you are planning to purchase but also the overall condition of the building. Remember that not just because the walls are freshly painted and the cabinets look nice mean there’s nothing that needs fixing or worse, beyond repair.
Familiarize yourself with the status certificates or the technical audits of the building. You want to be able to consult these to find out for sure the condition of the building as well as the common property so you won’t jump blindly and know what you really are getting into when you decide to buy.
Make sure you have a clear idea of what is actually included in the purchase price and what’s not. This is the only way you can make a proper and somewhat accurate comparison of overall costs between all the condominium units you’re considering (assuming you’re checking out a few). Don’t forget to check out the amenities like a gym, pool, parking, garden, and more. If these are present, how are they paid for? Do you have to pay for your utilities separately or are they included in your monthly condo fees? Will there be any additional charges on top of the purchase price? These are all important things to know about.
Find out if there is any impending repair or if a special assessment is anticipated. While you’re at it, verify if the condo has enough reserve fund for any major repairs or renovations that may be needed in the future.
Ask about any remaining new home warranty coverage on the unit you’re interested in.
Last but not the least, make sure that there isn’t any ongoing legal action against the condominium corporation.
Do all these sound overwhelming? It’s understandable. After all, buying a condo unit, especially a resale one is not something that you should do in haste. It’s not something you should on your own and without a professional realtor who can ensure that things will work for you. It’s very easy to overlook an important detail, especially if this is the first time you’re purchasing a property like this. A seasoned real estate agent like Tammy Samuels can help ensure that you have all the details that you need to make an informed decision and that you can get the most of the resale condominium that you’re buying!