If you are thinking of buying a condo or townhouse there are a few things you should know before buying. I am a Real Estate Agent and here are the Top 10 things to know before buying a condo or townhouse!
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10. What amenities are on-site, and are you going to use them? because they are going to cost you whether you use them or not. 9. Read the monthly newsletters. Most HOA (Home Owner's Associations) send out monthly news letters to their residents as well as HOA meeting minutes. You should have access to the last 12 months of those before you buy the condo/townhouse. READ THEM. These are often super revealing and can shed light on the condition of the property, safety, security, issues, and likely upcoming assessments or fee increases. 8. Roof (exterior walls, doors, etc). Who pays for what? You'll want to understand if the HOA is going to be responsible for the upkeep and replacement of big-ticket items like the roof, exterior walls, garage doors, etc. 7. Is the community lender approved? For brand new construction developments, often typical lenders will not lend financing for a project that is not yet complete. This is why there are usually just a few "preferred" vendors for the property which have already agreed to financing loans on the property that is not yet complete. You'll want to communicate with your preferred lender right away to see if they have approved the property for financing, and if not, can they do so and how long will that take? 6. Air conditioning. This is important, if not a requirement for many. If air conditioning is important for you and your sanity, you'll want to be sure the HOA allows the addition of AC for units, as many do not- or have restrictions. 5. Flooring. Many homeowners are looking for solid-surface flooring like hardwood or tile. It's common that in condominiums, for units on the second floor and up, they may not allow residents to remove carpeting from main areas and replace with solid-surface flooring. 4. Laundry. So many of my clients want to have a washer and dryer in their own unit, not have to walk to a communal facility. This is another key area to understand whether or not the HOA will permit you to add in-unit laundry. 3. Pets. Most HOAs have pet restrictions that can include the number, weight, and breed of animals that are allowed. 2. Rentability. Even if you plan to move in as an owner-occupied unit initially, it can be important to understand whether or not it will be possible to lease your unit as a rental in the future. 1. Condo vs. Townhouse etc. Understand what you are buying and how to find it. Many buyers like the side-by-side style of a townhouse looking home, so they will search by checking a box for "townhouses." Big mistake! you could be missing 50% or more of homes you might love, because many don't realize: there are styles of homes which can be the style of townhouse or condo. And there is ownership which can be townhome or condo. Townhouse ownership often means you actually own the land below you, while condominium ownership usually means you own a share in common areas, and own everything within the exterior envelope of the property. So you can have a townhouse STYLE home, that is actually condominium in ownership, where you have the style of a side-by-side townhouse but the ownership rights granted to condominium ownership (not owning the land).
Brett is a top real estate agent in the Bay Area California serving Silicon Valley communities surrounding: San Carlos, Redwood City, Menlo Park, Los Altos, Palo Alto, and Mountain View.
