5 TOP THINGS YOU MUST CONSIDER BEFORE PURCHASING A CONDO

The high cost of living standards and property maintenance has paved way for the condominium real estate industry to thrive. Owning a condominium is considered a safer choice than owning a traditional house for most people. All boils down to ownership and management.

When you have a condominium, you have the legal access to the ownership of the property while your condo association takes care of the property management. So you don’t worry about regular property maintenance such as decoration, mowing, painting and all other responsibilities of owning a traditional house.

Despite the flexibility that comes with condos, you have taken your time to do your due diligence before plunging your financial resources into any Hilton Head condos for sale in your community. Well, the following are five things you’d better consider before making your condo purchase.

1. Community Lifestyle and Values

Values are what make us what we are. You do not want to live with people who do not share many of your values and perspective to life. With a condo, there are many individuals who own properties to enhance their corporate life.

Their values, lifestyle and way of life can be so far from yours, causing you to have lots of disparities and issues with your condo neighbors. So be clear on the community lifestyle and values and make sure you’re in line.

2. Consider the Location of the Condo

Location is a great key factor in real estate. Not only must you care about the community culture and the size of the condo, you must also consider the location of the condo. Consider the proximity to urban centers and social amenities.

Consider the proximity of the condo to your working environment—so that it can enhance your corporate life!  Take a good overview of several Hilton Head condos for sale before making your location decision.

3. Service Fees and Charges

Once you have hover through Hilton Head condos for sale and decided on the best condo to meet your real estate needs, consider the servicing fees and charges. 

Condo associations charge service fees for property maintenance and provision of other luxury facilities to enhance the condo. So you have to consider the amount of money you will be paying on regular basis for your condo management before you making purchases. 

4. Consider the Condo Associations Reserve Funds & Property Management

Condo associations often have reserved funds which are used for developing and improving the property. If the condo association does not have enough money in their reserve facility, you can risk bearing their burden of the property development since they will be tight on cash flow. Do your due diligence, check their budget and reserved funds before making the purchases.

5. Property Insurance Coverage

If the condo association is tight on cash, much funds will not be set aside for insurance coverage. The condo association will most likely reduce the community insurance coverage in order to cut costs for other purposes. This can limit the insurance coverage on the property and open your condo to potential risks.