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Buyer Tips
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The
quality of any property you are considering should be a major concern,
but the quality of construction of a condominium complex is especially
important. There are several reasons for this. First, of
course, is your health and safety. Also, as a homeowner, you
will be responsible for the costs of repairs. Even if there are many
homeowners, the cost to each may be substantial. The cost of the
hazard insurance carrier by the association is based upon the
construction quality of the building. Another important
consideration has to do with future financing. Lenders can pick
and choose those properties on which they wish to make loans. If
the condominium complex is anything but a prime property, it may be
very difficult, perhaps impossible, for a buyer to get a new
institutional loan when it’s time for you to sell. This may
hurt your attempts to sell your home for the greatest profit.
Because most people do not understand the construction of large
buildings, they choose to be unconcerned with quality. Do a
careful inspection of the entire complex before writing an offer an a
condominium.
This Homebuyers Tip was excerpted from:
How To Buy Your Home and do it right by Sue Beck, Dearborn
Financial Publishing, Inc., 1993.
ISBN# 0793104947
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