10 Questions to ask before buying luxury condoSearching for a high end luxury condo is an exciting venture. There are many great luxury condo properties that offer a large array of amenities to suit upscale living, but before you jump into a home ownership commitment on what seems to be the perfect home you will probably want to ask these all important questions. 

 

  1. How can I be sure I am getting the best price?  

When you employ the expertise of an experienced local agent that deals in luxury listings they will be able to provide information about other similar properties in the area and what they have sold for including other units in the same building you wish to buy in.  

 

  1. Should I consider purchasing a Foreclosure or Short Sale Property? 

Many people think that foreclosure and short sale listings are only properties on the low-end of the real estate market or distressed properties. Truth is there are actually some luxury listings available through  foreclosure and short sale. With the right buyers agent you can find a luxury property at a great price. 

 

  1. Is the condo association financially stable? 

This is a very wise question to ask of a building before you move in or purchase a unit. Your  agent will be able to help you attain this information. You want to know that the association you are entrusting your dues to is indeed taking care of the building because this will affect the value of your individual unit and your ability to resell the home later on as well as your quality of living well in the condo. Factors that help determine the stability of a homeowners association is how many owners are  more than 30 days delinquent on fees, how much money is in the reserve, and how many units are owner occupied or rented. 

 

  1. Does the building permit pets? 

If you have a furry family member you will definitely want to check out the restrictions on pet ownership in the condo community. Or maybe you’re not an animal lover and you would prefer to live in a building that is pet free. Many condo buildings that allow animals do you have a size and weight limit as well as a maximum number of pets allowed. You will find that the average limit for many condo buildings is 55 pounds or a medium size dog. 

 

  1. Is there reserved parking? 

Not every condo community offers a place to park your vehicle. You may find that if a community does have a parking garage they only offer one parking space per unit unless you own the largest units in the building. If you need parking for a vehicle or multiple vehicles you will want to ask how many spaces if any are provided and options for obtaining a second space if only one space is included. 

 

  1. What are the total expected condo association fees and what do they include? 

Monthly condo association fees vary from building to building and some buildings have condo fees that change from unit to unit. This is helpful information especially if you are considering two different size units in the same building. You’ll want to make sure that you know the yearly fees as well as the monthly cost of Condo association dues. In addition to knowing the price it is helpful to know what is included or covered under these fees and dues. Will fees cover cable TV, A community pool, community fitness room, concierge services, and etc.? 

 

  1. Do I need special permission to rent my unit? 

Maybe you are purchasing a condo to live in now and plan to rent it out later, plan to live in the home part time and would like to rent it out for the other part of the year, or are looking into investment properties. Whatever the reason you may be considering renting out your condominium unit you will want to make sure you do not need special permission from the condo association board before you rent. Some condo buildings do not allow for renters while other buildings have strict regulations on the rental process. You may find that you are interested in purchasing a seasonal home and planning to rent it out in a building that does not allow short-term rentals or leases. 

 

  1. Is it possible to buy a luxury condo without stepping foot on the property first? 

It is best to always see a property with your own eyes first, but there  are actually a number of experienced buyers agents that will go the extra mile for busy luxury buyers. These buyers agents will help work searching for a new new home into your busy schedule With options like touring properties on their own and taking videos as well as going to extra measures to make sure they truly know what you are looking for and the best property that will meet your needs. 

 

  1. How much will I pay in property taxes? 

The amount of property taxes you pay will of course depend upon the area in which you buy a luxury condo. In some areas you will pay a larger amount for a property that is not your primary residence. As with any home purchase you’ll want to check in to the current amount of property taxes you will be responsible to pay as well as the amount of increase that you could end up paying. 

 

  1. Am I allowed to make improvements to the property? 

As a condo owner you own the property inside your walls but there may be restrictions as to the upgrades and changes you are allowed to make within those walls. If you plan to make your space your own by say upgrading the bathroom with a larger shower or maybe installing a private washer and dryer you will want to be sure that those things are OK to do. 

 

Finding the perfect luxury condo is a process that definitely requires a buyers agent experienced with luxury condo properties. Be sure to find an agent that works locally as you want someone who knows each building intimately. Luxury properties can be very exclusive and hard to find on your own. The best way to get the best luxury condo for your lifestyle is through an experienced luxury real estate agent.

Thank you to our author for their tips on luxury condo buying

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