Important Information For Condo Buyers
Here is a step by step guide for buyers looking to buy a condo in any area. These are important tactics to make a solid and accurate judgment on the property you're looking to purchase.
- When purchasing a condominium make sure that you ask for the last three to six months of the condominium minutes. This information will provide you with a lot of insight into what is happening in the building.
- Obtain a copy of the Declaration, the bylaws, and any rules and regulations from the Condo Association.
- To make sure you are buying into a financially sound building, it is also advisable to find out if the building has any outstanding loans with a bank. Some buildings may take out loans instead of doing a special assessment as a way of doing major work such as new elevators or the exterior facade of the building.
- Make sure you obtain a statement from the Condo Association of any capital expenditures anticipated by the Board within the current or succeeding two fiscal years.
- Find out from the Condo Association if there are any pending suits or judgments in which the Board is a party.
- If the building is newer, find out if the parking is deeded or assigned and whether you can sell it to a purchaser outside the building .Also, make sure you see the exact location of the garage spot before you write a contract to purchase the property.
- Buildings with substantial reserves and lower assessments tend to appreciate at a faster rate than other buildings in a similar location. Keep in mind that assessments are based on how many amenities are in the building.
- Resale in six flats tends to have better resale value than three flats. The rationale is that a six flat unit is a wider unit since it is constructed on a 50 x 125 foot lot.
- The more horizontal a unit is the more apt it will have better resale value. Vertical units tend to have more hallways and typically do not have split bedrooms.
- The higher the ceilings in a unit the larger the unit will feel. Most people typically prefer 9 foot ceilings or higher hence the height of the ceilings will usually effect resale.
About the author: Sheldon Salnick is a Realtor with Rubloff Residential Properties. He has worked with new construction buyers for the last 13 years and has represented over $200 million in new construction. For more information or guidance in the purchase of a new construction home, townhome or Chicago condo please visit http://www.SheldonChicago.com