The condo lifestyle is one that brings forth many benefits, such as concierge service, on-site fitness facilities, security, and a prime location. Oftentimes, too, a luxury condo is cheaper than other types of luxury real estate. The buying process for a condo is quite different from residential real estate, and there are determining aspects to consider.
Find Out About Condo Association Issues
It is wise to look over the notes from condo board meetings to determine what the board is discussing, any pressing issues, current vibes. Nobody knows the experience of living there better than current residents. If possible, perhaps during a showing of the property, ask residents that you meet in the elevator, parking garage, or hallway about the things they like and don’t like. Is the board/association positive and responsive, or slow with fixes? Answers to queries can provide information to consider when making the decision if it’s the right place for you.
Ask Questions Beforehand About the Management Team
Familiarizing yourself about the day-to-day management structure is crucial since they will have a significant influence on the living experience. Some condo buildings have one dedicated property manager, whereas others assign more responsibility to residents. This tends to be cheaper, but it can mean more time is spent with residents.
Availability of Storage Space
Many luxury condos provide residents with dedicated storage space. This can be useful for bicycles, skis, luggage, and furniture you are using but can’t bear to part with. Ask about how much storage space is provided to ensure that it will be suitable for your needs.
Insurance & Fees
Instead of skimming the insurance policy, make sure you read it in detail and look through the specifics of coverage. It can be helpful to look through it with a professional agent who will be able to explain the technical jargon in simple terms. Be sure to check whether the policy provides coverage for personal items. It can be worth taking out your own insurance policy, however, this will of course add to the total monthly fee. Make sure you are aware of the full association fees, and look into the cost of the repair fund. Get a breakdown of the fees to find out what they will be going toward.
Being aware of and understanding the rules and regulations of the condo association is most important. Aspects such as allowing pets, renting out your unit, use of the community room, etc. are all things to take into consideration. Instead of being caught out after purchase, make sure you are able to live comfortably within the rules that are set out.
All of these aspects may seem daunting when moving through the luxury condo-buying process. That’s why it’s important to work with the experienced real estate agents at Heller Coley Reed because the expertise they offer in the luxury condo market is unparalleled. Heller Coley Reed will help find you the best Bethesda MD luxury homes that’s just right for you. Contact an agent at 240.800.5155 or send an email to hellercoleyreed(at)gmail(dotted)com.