Condominiums are a type of residential property that is owned by an individual or group of individuals. These properties are typically situated in prime locations with easy access to amenities and offer the owner a high quality of living. Condominiums have certain considerations when it comes to purchasing them: what should you consider before buying? This article explores these questions and more so that you can make an informed decision.
What Type of Condo Should I Buy?
Firstly, determine if the condo will be your primary residence or investment property as this can affect which type to purchase. If it is a primary residence then you may want to consider something that offers more space and is closer to amenities whereas, for investment properties, a smaller building located in a more ideal location would be recommended.
Do I Need Condo Council Approval?
Before purchasing any type of condo, it is important to do your research to determine if council approval is needed. While this requirement varies from state or municipality, you are required to obtain council approval before making the purchase and signing the contract. For some, you can obtain this approval on the spot while for others it is required that you complete a pre-application first and provide supporting documentation before getting the go-ahead.
Does the Property Have Restrictions or Claims?
Another consideration to make is whether or not there are any restrictions or claims presented against the property. You should contact your local council or land titles office to see if there are any registered documents such as caveats within the public record. The restriction requirements may vary from state/territory; however, some of the main ones include road layout and design approval, protective covenants and encumbrances in relation to an easement or servitude and subdivision approval.
What Repairs Are Associated to the Property?
The type of repairs that are required may vary depending on the state/territory. There may be major work, such as a roof replacement, painting works, or repairing some electrical wiring which can be considered routine maintenance while others like bathroom and kitchen renovations may fall into the major repairs category. If you are purchasing a building with an existing body corporate, there will be a schedule of works that will need to be completed and paid for as part of your regular maintenance fees.
How Can You Save Money Buying A Condo?
The best way to save money is to compare quotes from a number of different real estate agents and surveyors. The cost will depend on who you choose, but using an agent or surveyor with more experience will usually lead to better service for a lower fee.
Summary
If you’re trying to save money and want a high-quality condo, it’s important that you do your research before signing any contracts. This includes looking at the property in person if possible or getting quotes from multiple different real estate agents with varying levels of experience to help find one who is affordable but reliable.