One of the best ways to get into your first home or to downsize from a larger one is to buy a Lake Grande condo. However, you should be aware that condo life is much different than living in a single-family home. While you do own the space within your unit, you do not own the outer structure or the ground where it is located. There are rules you must live by, fees that you must pay on a monthly basis, and neighbors that you must be considerate of. Before you buy a condo, there are a few questions you must ask.
1) Get a copy of the bylaws/covenants of the condo to be sure that you can follow them without a problem. If you have pets, you must be sure that you can bring them with you. There may only be certain places you can park and you may not be able to have a satellite dish installed in certain areas.
2) Find out if the condo is managed by a professional company. Some are self-managed means that hiring of legal professionals or tradespeople is up to the members of the board. This is effective in some places and not so much in others.
3) Find out about the turnover rate among the board members. These are the people in charge of deciding everything from expenditures to fees and whether or not you can install a canopy over your patio. If members are resigning on a regular basis, chances are that there is turmoil.
4) Ask how many of the units are occupied by owners. After all, the units that are owned are going to be kept in better repair than the rental units. In addition, banks are more likely to give loans to buyers of condos where there is a higher ratio of owners versus renters.
5) Find out about the assessments that have been levied on the owners in the past and how often new ones are brought forward. Keep in mind that the older the complex, the more frequently assessments will be placed.
When you are considering buying a Lake Grande condo, you’ll definitely want to ask these questions- and any others you can think of. After all, you want to be fully educated before making a decision.