Are you considering buying a condominium in Utah as your first property? Many people believe getting a condo is your best option. They think that, among all the properties for sale, a condo has handsome perks for a first-time homebuyer.
If you’re looking to buy a condo based only on the features of the unit, you need to step back and reassess. Buyers often fail to realize that buying a condo is also entering certain terms and conditions. Living in a condo means that you’re joining a community with rules set by the condo’s association of homeowners or the property manager.
When you buy a condo unit from the developer or property management company, you agree to follow their rules. Therefore, you need to understand everything about the contract you’re signing before closing the deal. Here are a few questions you may ask yourself (or the property manager) to determine if a condo is right for you:
How is the property manager running things?
If you want to know the operations of the entire condo building, you need to interview the condo manager or your prospective neighbors. If the building has an inefficient manager, living in it for several years may become less desirable.
Some condos, however, don’t hire an outside property manager. Representatives of the homeowners association manage them. These representatives consult the homeowners when making decisions about the property, such as the frequency of elevator maintenance, the number of guard shifts, or the time of the New Year party. One of the advantages of this setup is the lower monthly association dues since the condo does not need to hire a third party, compared with professionally managed communities.
Do I know all the rules and regulations?
Apart from knowing how the community manages itself, Money Crashers says that you also need to know the rules and regulations before deciding to buy. Doing so is crucial, especially if you have pets. Some condos have restrictions on the kind of pets you can bring, their size, and the number of pets per unit. Apart from pets, some buildings may also have restrictions for renting out units, if you’re also planning to make your condo an investment.
Does the condo have enough storage space?
Looking for homes in Eagle Mountain, Utah will be quite an experience, but if you’re planning to raise your family in a condo, ensure enough space for everyone. Some condos provide residents with their personal storage space, while some condos don’t. Also, your unit may likely not have its own garage or attic, depending on what floor your unit will be. It’s best to find a condo that can cater to the family’s storage needs, whether you have a garage or attic or not.
These are only three of the important pieces of information you need to know before you decide to buy a condo. Remember that getting a space you can call your own is a substantial financial commitment. You need to make sure that you’re ready for all the responsibilities you’ll have as a unit owner.