Things to Consider When Choosing a Condominium Unit Or Townhouse Complex By Andrew Szalontai At Isnare.com Ezine Articles

When you buy a Langley condominium unit or townhouse complex, there are certain things you should always consider.

The Strata:

• Monthly and annual dues – It is essential to consider that bigger strata dues are not entirely a bad thing. A condo complex with a good budget for security and maintenance can give you lots of benefits and it may entail you savings. Strata’s that have lower maintenance fees have limited capacity to secure and maintain the premises. This could result in costly repairs down the road.

• Find out if the complex is self-managed or professionally-managed. Professionally managed condo units are generally a wiser option. Owner handled complexes may not have the proficiency to correctly project maintenance expenditure and resources accordingly. Higher maintenance dues will normally turn out to be more cost efficient in the long run. In this way you can avoid more costly repairs that result from inadequate maintenance

• It would also be to your advantage if you could make sure that they have sufficient contingency account. Having ample financial buffer is advantageous as it can protect you from unforeseen problems. This can also shield you from the shock of large financial levies in the event of such problems.

• Check if the condominium association has any outstanding legal concerns. It is always wise to do a little investigation so that you know what you are getting into.

• Ask for a copy the minutes of past board meetings. Look for signs of forthcoming expenditures. See if there are recurring issues or controversies. Assess the issues and determine if these have a direct impact on you.

The regulations:

• Find out the rules and regulations that govern your home. Are you amenable with them? Will your lifestyle fit well with their rules and regulations?

• Are pets allowed? If so, what types, what size and how many? If you have pets, make sure to clear this up before purchasing your new home.

• Are there limitations about particular activities or noise levels? If you are a car enthusiast you might want to make sure your new home doesn’t have rules that restrict you from working on your car outside your unit.

• Are there restrictions about long term guests? If you expect frequent guests that stay for long periods you might want to check if the strata have rules covering this.

• What areas of your unit is your responsibility and what areas are common responsibilities? If you plan to do major interior renovation work you should check with your strata first. It’s always best to make sure before buying than to assume that everything will be alright.

• Find out if the unit can be leased. If so, check the number of units currently owner occupied as opposed to the number that are being rented. This is a vital concern that can affect the resale value of your home. It can also possibly affect your quality of living. It is usually better to have owner residents as neighbors.

Not considering these factors carefully might lead you to end up with a less than ideal home purchase.

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