What To Ask When Buying A Presale Condo
What to Ask When Buying A Presale Condo?
When you are considering purchasing a Presale Condo, knowing the right questions and concerns to ask when comparing your personal options is essential.
This is ensuring your new home fits all of your needs both personally and professionally.
Below are some of the most important questions to ask and things you need to know and consider when buying your new presale condo
1. What Are The Average Monthly Presale Condo Fees?
Buying your own preconstruction condo means that your expenses might vary monthly and shift a bit year-to-year, so make sure your financial budget is in order before signing on the dotted line on your new presale condo. You can do so by fully understanding the condo fees at your new home. Not entirely sure what to expect for HOA fees?
There are several sites that offer an overview of communal expenses, but you can get a more accurate idea of your living expenses by jumping into the finance reports of your condo association. If you are still unsure, contact your local Realtor today.
Ipresalecondos is here to assist you in answering all your questions and concerns regarding your new presale condo!
2. What Do Presale Condos Fees Cover?
Are you perhaps moving in to a presale condo to escape lawn care and snow removal? Or maybe your are looking forward to a complimentary storage space or an additional parking spot?
Be sure these amenities and services are included in your monthly condo fees.
While it’s common that shared spaces like a pool, fitness center, and patio are covered by HOA fees, it’s important to fully understand how fees work with your association before buying a condo.
Also, feel free to ask about recent raises in condo fees and if there are any expected increases in the future this will save you a headache later.
3. Are The Homeowners Association’s Finances In Order & Options
Make sure you take the time – before signing – to ensure the money going into condo fees is being properly managed. This could save you dividends in the future. One large item to think about is that it determines if your fees will increase depends on reserve funds.
Damage to a condo property, a fire, or even a much-needed update to a shared space within your condo community, could increase monthly fees if there is not sufficient reserve funds.
You can help predict these expenses by asking the buildings homeowners association, if there are any upcoming special assessments.
Otherwise, you could be paying a big one-time bill for maintenance fees.
4. Is There Any Pending Litigation?
Make sure to check out the legal fees facing the condo association, this could quickly affect your monthly budget too.
Prior to committing to your condo, be sure ask if there are any current lawsuits underway and look into your condo’s liability insurance.
Not only is condo litigation something that could hurt your budget, but frequent lawsuits point to poor management and stress within the community.
You can find more questions here
Conclusion:
Whether you’re looking for a condo pre-construction or resale, it’s always best to work with a real estate agent that is experienced in the Greater Vancouver Market. By working with an agent who has experience in both pre-construction and resale condos, you can rest assured that you’ll get all the information you need to make an informed decision about your next purchase.
For more information on condo developments in Surrey, contact the team at Ipresalecondos.
Ipresale Condos is not just an agency that sells real estate, but our agents believe in educating each client deal with their own professional situation. Please call or text at 604-825-8881 or email at info@ipresalecondos.com
