If you’re considering buying a condo, there’s a very good chance you’re already aware of the differences of buying a condo vs. buying a house or apartment. Condos are certainly a great investment, and there are a lot of plus sides to living in one. Many people choose to buy a condo instead of a house because there is generally less maintenance involved, and you can be part of a closer community where you can get to know your neighbors and enjoy all the benefits. Of course, that’s just the beginning of it.
You already know why you want to buy a condo, and you may even be close to closing on one. It’s likely you’ve already done a lot of research. But, before you put the money down, there are some things you might want to review first.
1) How is the Condominium Association/Property Management Team Doing?
Condominiums have bonuses, and most of the time, you get a lot for what you’re paying. There may be a pool, a gym, a recreation area, and general maintenance done throughout the condominium complex to keep it clean and tidy. The group in charge of overseeing all this is called the Condominium Association or the Property Management Team. Anyone who has lived in a condo before will tell you that you can either have a great property management team or one that could be generously improved. Here at the Denver Luxe Team, we’ll make sure you buy into a condominium building that has a professional, capable, and easygoing management team.
2) What Are the Responsibilities of the Unit Owner?
When it comes to condominiums, there are the unit areas and the common areas. The common areas are those places we mentioned before…the clubhouse, the game room, the pool, the tennis courts, the recreation area, etc. The common areas also refer to places that anyone can walk or sit outside.
Then there’s the unit area. This is your own place where you live: your unit. Before you buy your condominium, make sure you know what area is yours and what areas are shared. Additionally, make sure you know what your responsibilities are as a unit owner. Do you have to repair plumbing damages, mow the lawn, pay property taxes, pay water bills, etc.? If you work with us, our team will lay out exactly what your responsibilities are as a condominium owner in a particular complex before you buy so you know exactly what the terms are and if you are in alignment with them.
3) What Will Your Insurance Cover and Are There Additional Fees?
Anyone who buys a condominium will need insurance. Make sure you’re fully aware of the association’s insurance policy and what it covers. You need to do your due diligence to make sure you’re protected and our team can help you go over what your prospective condominium’s policy is. In addition to that, most condominium owners are required to pay monthly association fees in addition to their mortgage to contribute to the activities and responsibilities of the association. Be sure you’re up to date on what the additional assessed fees are and where those fees go.
4) What Are The “Rules?”
Every condominium has rules to ensure your comfort and lifestyle. And in a luxury condominium, those rules may be even tighter. Some condominiums have rules as far as age restrictions, visitors, pets, and even smoking restrictions. But, remember, it’s all there so you can get the lifestyle you’re eager to have. Our team will help make sure you find the condominium that’s right for you…whether that means a lot of rules or a lot of flexibility.
5) Are You Buying in the Right Area?
Last but not least, finding the right condominium is like buying any other property. The most important thing is location, location, location. Here at the Denver Luxe Team, we’ll help you find the condo you’ve always dreamed of, right in the heart of Downtown Denver or surroundings.
We have relationships with many communities in the area and no matter where you are, you’ll have the city at your fingertips. This convenient location is close to mountain vistas, beautiful architecture, high-class dining, arts & entertainment, and plenty of green spaces.
Karina Christensen says, “If you’re looking for that perfect high-rise residence or condominium in the middle of everything, we’ll help you find it before you put your money elsewhere.”
Are you serious about buying a condominium? Then send us a message at Denver Luxe Team or call us now at 720-440-2640.