For many purchasing a condo is a great experience. Condos are attractive for many reasons.. A sense community, no yard work, usually nice facilities (pools, tennis court, gym etc) and typically are affordable. That being said, condo’s can also have drawbacks and unfortunately buyers are not aware of these issues prior to purchasing. If your considering purchase a condo in Portsmouth or Dover contact Dave. There are several key questions that need to be looked at prior to purchase. First, What is owned?
*Type of real estate in which individual units are owned separately and the rest of the property is owned in common
- Unit boundaries:
- Finished surfaces of walls, floors, ceilings
- Entire building
Second: How active is the condo association and what do they do?
Condo associations provide the following:
*Meetings at least once a year
*Adopt the By-laws and rules
*Adopt a budget
*Operate the condo
*Impose payments and fines
*Elect board of directors
Also, what is the difference between Limited and Common Limited? What are my maintenance responsibilities? What is a condo Declaration and why is it important? What is the budget and are they expecting any special assessments?
In short, condo’s can be a good purchase. However, it’s smart to use an experienced Realtor or attorney when purchasing a condo. Many questions and things outside of the nice unit can impact your ownership experience and resale. Again , call Dave today if your considering this purchase.