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Buying a condo unit is a great option for many individuals and families. Condo living offers a lot of convenience that single-family homes do not. Buyers should know these five important questions to ask about a condo building where they are interested in buying a unit.
1. Does the Building Have Insurance, and What Insurance Do I Need?
A lender should ensure that a condominium has adequate general liability and property insurance in advance of offering you a mortgage or other types of financing. However, an association’s property insurance usually only covers common areas and does not address individual unit owner’s losses. It is important that you maintain separate insurance that can address damage within your unit. A Sugarland condo insurance provider can help you evaluate your coverage needs as an owner.
2. What Should I Know Before Buying a Condo With High Monthly Dues?
Typically, condo associations set residents’ monthly dues based on the square footage of a unit. Depending on the amenities that a building offers and its overhead costs, dues may be considerable. Make sure that you know what services are included with your dues so you can do a well-informed analysis about what you’re getting in return for your payments every month.
3. How Are the Association’s Finances?
Before you decide to buy a unit in a condo building, you need to assess the association’s overall financial health. Review the operating budget and financial statements to determine if the current budget is adequate to meet the association’s needs. It is also good to see that an association has a fair amount of funding available in reserves.
4. Does the Building Have Pending Capital Needs Projects?
In addition to monthly maintenance dues, condo unit owners sometimes have to pay special assessments to fund capital needs projects. Find out about what work was done recently and inquire if there are any major capital needs projects on the horizon, such as a concrete restoration or a roof replacement. Unmet capital needs could be an obstacle to both financing and insurance. Sugarland condo insurance can help you find competitive rates based on the current overall condition of a building.
5. Can I Comply With the Condo’s Rules?
Most associations have rules governing what their residents may and may not do both on the premises and in their units. For example, an association may prohibit pets or limit the number or size of pets that owners may have. Ultimately, it is important to review an association’s by-laws to ensure that you can comply with every written regulation.
Thorough due diligence helps to assure that you’ll be happy with your condo. Be sure to ask a lot of questions and get all of the documentation that you need to make a good purchase.
About Transparity Insurance Services
Transparity Insurance Services was founded for the purpose of helping clients to ensure their property and assets with no hassle. We are committed to providing a simple, easy, efficient, and positive experience to all of our clients, and prioritize open and transparent communication with our clients. Through our excellent customer service and technology, we can help you to find the right insurance program at a competitive price. Contact us today at (855) 889-2037 to learn more about what we can do for you.