Buying a condo can be an incredibly fun and fulfilling experience, especially when you nab that dream home and begin to start the next chapter of your life.
Buying a condo in Bonita Springs is even more fun when you have all the pieces and knowledge in place before you start the search. With such a variety of options out there, you need to make sure you understand a few key parts of the condo-buying process before you begin.
Here, I’ll cover two aspects of buying a condo that you should understand when looking through your options for condo developments.
Ask to See a Budget from the Seller
Each condo association has a budget that it uses to allocate funds for maintenance, upkeep, and other priorities. You should be aware of the association’s budget when looking for your ideal condo so you can determine a few things, such as:
- The association’s delinquency rate
- Your portion of the fees
- How your fees are being spent
- The amount of reserves an association has built up
- The total amount of debt owed to the association
It can be difficult to obtain a mortgage in an association with high delinquency rates and outstanding debt, so you can save yourself a lot of snags early on by doing your research.
Does Your Complex Have Insurance?
You should also be aware of insurance issues when it comes to picking an association. Your association may have a master insurance policy; if so, you should vet the policy with an insurance agent to see if it is sufficient.
That doesn’t mean you shouldn’t have your own homeowner’s insurance policy. The association’s insurance could play a role in getting you financing, though, so it’s important to nail down during your search process.