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7 Indispensable Things Condo Buyers Must Remember

Owning a condominium has more advantages than disadvantages. However, before you sign the contract to buy condo in Irvine, you must consider these factors.

Irvine Real Estate

Your Physical Welfare Comes First

Is the condo building and the location safe? Can you safely come home late at night? The Internet provides information about the criminal arrests in the area. Does the building have safety precautions? Are there camera monitors? The condo board holds meetings every month. Ask the office for the minutes. This will give you an idea. Did they discuss theft? Assault? Bias crimes?

Property Taxes

Condo taxes and home insurance are usually cheaper than a house. Remember, you own the condo unit, not the land. You will not be taxed for the yard space, parking lot and amenities.

Fees

Condo owners pay a monthly homeowners association or HOA fees. Does it increase yearly? Every other year? What is the maximum amount allowed?

The HOA fees cover amenities and condo maintenance except for the unit interior. Maintenance includes garbage disposal, snow removal, lawn service and parking space. Amenities could include the laundry room, clubhouse, pool, tennis court or gym. High HOA fees are reasonable if you can cancel your gym membership and use the condo's fitness center or clubhouse for meetings and parties.

Emergency Fund

Ask about the condo association's reserved budget to cover emergencies such as fire or flood. Not having enough money to pay for emergency costs means that they will be asking money from the residents to pay for renovations. These expenses should be part of their budget. It means that the condo association is not financially healthy.

Assistance

Get a real estate agent. Condo ownership laws are different from house ownership. Your agent will negotiate and answer your questions before you buy.

Bylaws

Consider the condo regulations carefully. Many condominiums do not allow dogs, only cats. You cannot make changes outside your unit. You have to ask the condo association for permission to add a bathroom or wall.

Convenience and Lifestyle

Is the condo accessible to public transportation? How convenient is the location to the grocery store, restaurants, banks, drug stores, malls and medical offices? Are the residents friendly and well-behaved?

Buying a condo is a serious process. Remember, it will be your home. You will not regret it if you keep your eyes open, do research and ask questions. It's worth the effort. 

Visit: Irvine Residential Living

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