A lot of people are interested in buying a condo these days. Buying a Prince Charles Crescent condo is one of the ways for them to get their first home, after all. Another reason why people buy the condo is so that they can downsize from a larger home. There are many other reasons why people get interested in buying the condo.

However, one should remember that living in a condominium unit is a lot different from living in a single-family house. While you own the living space within the unit you availed, the outer structure of the said condominium as well as the ground on which it was built is not yours. You have to follow rules, pay monthly fees, and consider your neighbors.

In order for you to avoid regretting your decision of purchasing this unit, then you should ask first some questions before you event think about seeing the contract. This is so that you will have an idea on what living on the said apartment is like. Here are a few questions that must be asked before you actually go ahead with the purchase of this condominium unit.

First, you better ask a copy of the said condo’s bylaws and covenants. It is important for you to inspect it so that you can be sure that you can actually live with their regulations. There are many things you have to know about, such as installing satellite dish, having pets, and other similar concerns for living.

It is definitely a must for you to ask if this condo complex is professionally managed. A self-managed condo complex is basically a place where the management is entirely within the decisions of the Homeowners Association Board. From the hiring of the people to work on the condo to the fees to be paid, the Homeowners Association Board is the one in charge of that.

Ask more about the Homeowners Association Board. It is very vital for you to determine whether the Homeowners Association Board has a high turn over rate for its elected members. When the turn over rate for the said board is quite high, then that is a sure sign that there are troubles within the said organization.

It is also a must for you to find out just how many units are owner occupied. The owner occupied condo units are often kept in good repair than the rental units. It is also easier for the banks to extend mortgages to the buyers when they are obtaining a unit at a complex where the owner occupancy is quite high.

Another matter you have to ask about is about the developer. You will have to know if the developer retains the ownership of the amenities like the aquifer or the parking lot. If this is the case, it is mostly the case that the developer charges rent for the use of the said amenities and then raise it over time. You should not overlook this very important question.

Ask about assessments. There should be several assessments levied to owners. Ask about what assessment was levied at the most recent time. Also, ask whether the assessments are implemented frequently. If you are planning to have a unit at an older complex, then the said assessments are definitely more frequent.

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