Carolina Mountain Living
Making Dreams of Mountain Living Come True in Asheville and Western North Carolina - Real Estate
Making Dreams of Mountain Living Come True in Asheville and Western North Carolina - Real Estate
Before you make an offer on that condo or town-home, there are a few things you should check into besides the obvious bylaws and association notes. Here's a list of five not-so-obvious things to look into before submitting the offer.
Everyone should make a point of meeting the neighbors or - at the very least - asking about them. Do a lot of single women live in the community? It could indicate the sense of security. Are there a lot of families with young children? Be sure to get an idea of the demographics to see how well you'll fit in.
The quality of the school district can add a lot of value when it comes time to sell. Better school districts lead to higher home values, which may lead to the bank viewing your home loan as less risky and therefore easier to secure. Check into the available school stats such as test scores and parent comments.
Many people make the mistake of not testing their commute, especially if they are relocating to a new area. This is especially important in urban, condo-friendly areas. Drive your would-be commute during rush hour to get an idea of whether it's manageable. A quaint tree-lined road on a weekend open house can become a gridlocked nightmare on Monday morning.
Besides looking at the association meeting notes and the bylaws, it's equally important to check out the management company. Do they have one representative dedicated to your community? Will they take care of getting quotes for a landscaper? Can they leverage their size to get discounts on services? Ask the seller and the neighbors about their experiences with the management company.
The insurance held by a condo association covers the actual structure and common elements - areas such as a swimming pool or tennis court - co-owned by all unit owners. Where the insurance coverage starts and ends will vary by the policy. Typically, the association insurance will cover the roof damaged in a storm; however, it won't cover your sofa that was damaged by the roof leak. Get a copy of the master policy and find out what additional coverage you may need for your peace of mind - and your monthly budget.
In addition to having a professional inspection and carefully reading the bylaws, reviewing these other matters will help you be more prepared and less prone to surprises after you move in. The trick is to make your investigation fast and inconspicuous, so as not to scare the seller. On the other hand, you can and should use your findings in the negotiation process to help you get your condo for the best possible price.