Buying a condo isn’t quite like buying a house. It comes with its own set of problems, complications and of course, questions. Like any kind of house, it’s important to ask certain questions before signing onto any kind of condo, no matter how good the deal appears to be. So, if you’re looking for some good Nob Hill condos, here are some important questions you’ll want to have answered before you agree to anything.
le=”font-size: small;”>#1. What does the insurance cover?
When you talk with the landlord, see if you can get a copy of the condo association’s insurance policy. Look through it and see what the insurance costs, particularly the cost of keeping/bringing the building up to code. Also, if you’re looking at an older building, look at the estimates to rebuild, and calculate them yourself to make sure they’re accurate and up to date. Also make sure that the insurance policy covers both your personal belonging, and minor damage to the house (such as broken windows or leaky roofs). If it doesn’t, consider taking out your own policy with a different agency.
#2. What are the rules?
Every condominium community has their own set of rules. Whether it be no pets allowed in the building, whether or not you can plant your own flowers, and if you can change out the furniture or not. Go over each and every line of rules, asking for clarification when needed, including when an exception may be made. If there’s one or two rules that you simply cannot live with, this probably isn’t the best condo for you.
#3. Does the porch belong to me or not?
This can actually be a tricky question to answer, because even the landlord may not know. As if you can look at both the unit and master deed to the condo community, because the information will be on one of those. If it belongs to you, then you have to maintain and repair it as it ages and in the event of a catastrophe. However, if it belongs to the community, then the community are the ones who must maintain it for you. This is an important distinction to make early on, in case it breaks.
Like any house, it’s important that you ask as many questions as you can before signing the papers. Remember to ask these and many other important questions before making this big investment. For more information visit Theaustinsf.com