Recommendations To Search Out The Right High Rise Condo To Purchase
Posted on: 17 January 2022
During a search for a condo that is affordable, provides you with the right lifestyle, and is in great condition, it is helpful to arrange the services of a real estate agent that is experienced in condos and high-rise units so they can help make your purchase successful. As you go through the process, here are some recommendations to help you make a decision in purchasing a high-rise condo.
Check the Property Age
When you are shopping around for any property, including a high-rise condo unit, the age of the building is going to be an important element in your decision. The age of the building overall is going to affect many areas of your home, including the condition of your own unit and any common areas, such as the fitness center or swimming pool. The interior of the hallways, elevator, lobby, and other common areas may be old and aging, or they may have been updated recently to have new fixtures and surfaces. For example, if the lobby is old, faded, and smells musty, this can be a deterrent in buying in the unit because it can show that the building is neglected and has not been kept in the best condition with needed improvements and work.
The HOA fees that you would be paying as an owner in the building should be a fair amount but enough to keep the building in good repair. Otherwise, you may be facing a special assessment for repairs in the future. In an older building, you should check the HOA meeting notes to see if there have been any issues in the building or ongoing problems that may affect your HOA costs increasing or adding in a special assessment. It can also give you an idea of how well the HOA is doing financially, and whether they have sufficient funds saved up.
Evaluate the Building Size
As you consider various high-rise condos, you should also think about what size of high-rise building you want to buy in. There are many sizes of high-rise condos from medium-sized condos with ten to eleven floors or those with more. The more floors in a high-rise building mean that there will be more residents within the elevators and lobby and more neighbors and potential friends. You may, however, want to live at a smaller high rise so there are fewer residents and more of an opportunity for you to get to know them more. But if you want to live in a high-rise condo with many floors, you have a better opportunity to have an upper floor unit with better views.
With part of the evaluation of a building's size, you should be aware of the number of renters in the building or how many renters are allowed, if they are allowed. The more renters in a building may indicate that fewer owners live there and are actively involved in the condo's HOA and the building's management. And if you are looking for an FHA mortgage for your condo purchase, the number of renters in the building will affect your ability to get this financing.
For more information on high-rise condos, contact a company like Sonoran Sky Real Estate.
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