Ways to protect your interests when buying a condo

On Behalf of | Oct 24, 2019 | Firm News

There are many reasons why a person in Georgia may consider buying a condo over purchasing a home. For some, it simply makes more sense to buy a home that doesn’t require much upkeep or have as much space as many traditional free-standing homes. In metropolitan areas, it may be more affordable to own a condo than it is to own a home.

Just because a condominium is a smaller home does not mean that you do not have the potential to experience big problems. It is still important for you to do your due-diligence and ensure that you are not accidentally buying problems along with your new home. There are certain questions you can ask that will give you the information you need to move forward with confidence.

What questions should you ask?

Protecting your interests is important in every type of real estate transaction. Knowing as much as you can about what it will be like living in the condo, the community and other things about your home will help you avoid costly and stressful problems in the future. Some of the questions you may find beneficial to ask include:

  • What is the management team like? Condominium associations need good leadership in order to function well and deal with problems.
  • What do residents say? It can help to know what the most common complaints are and what the owners have to say about living in the condos.
  • What will your insurance cover? You need to know what your insurance policy covers and what the responsibility of the condo association is.
  • Are there monthly association fees? If there are monthly dues expected from residents, you need to know how much they are and what they cover.
  • What are the rules of the community? You will find it beneficial to learn about community guidelines and to know the rules associated with the condo community before you move in.

Buying a condo is an important decision. Getting the right information before you move in is important, as it is with any other type of home you may be buying.

Working with an experienced ally

Real estate transactions can be complex and confusing. Many buyers find it beneficial to work with an experienced attorney at every step to ensure that they have the counsel and support necessary to protect their long-term interests and preserve their financial well-being.