Buying a Center City condo can be an exciting and rewarding process. But before you sign the deal, make sure you are prepared. Here are five things you need to keep in mind search for Philadelphia condos for sale.
Learn about association fees. Almost all condos have homeowners’ associations and fees, including most Center City condos. Before you commit to purchase, research these fees and what they cover. Association fees often cover common expenses like insurance and grounds maintenance. Keep in mind that communities with luxury amenities such as doormen, high-end fitness centers or pools may have higher fees.
Ask for the condo’s financials. Make sure the condo is in good shape and there aren’t any hidden problems. Before buying a Center City condo, review any financial records and look at past performance. Does the condo association have emergency funds? The bottom line is, you’ll want to make sure that if someone misses an association payment or two it won’t impact maintenance and coverage on the entire property.
Learn the rules. Most condos have a set of association rules to ensure a comfortable living environment for everyone. The rules are also in place to keep the property in top shape. Rules may range from restrictions on conducting business in the units to prohibiting pets. Be sure to research common rules and feel comfortable with abiding by them before buying a Center City condo.
Explore the neighborhood. Thoroughly explore the neighborhood surrounding the condo. Does the neighborhood provide the amenities you need? How are the schools? What’s the culture like? These questions are important to ask before committing to buying a condo. Choose a neighborhood that will make your life easier and your downtime pleasant and enjoyable!
Hire a REALTOR® with experience. Selecting an experienced REALTOR® is crucial to a successful buying process. But even more importantly, find a Realtor who knows the property you’re buying into. If your REALTOR® has helped others buy a Center City condo in the property you’re considering, they’ll know the ins and outs of the association. Purchase agreements for condos can be trickier than standalone homes. You want a professional who knows how to navigate those agreements and explain them to you properly.
If you’re in the market to buy a Center City condo for sale, contact Allan Domb. With almost four decades of experience, the team at Allan Domb is dedicated to matching sellers with buyers – no matter what it takes!