You can never be too careful when buying condos in Philadelphia. Hiring an agent helps, but it is important that buyers remember some important factors before closing on that dream condominium.
Fees
One must consider the fees that are added to the cost of owning a condo. Different condominium associations have different fees that are entirely dependent on the board. Ask your real estate agent if they know where the association fees are going. Services such as security and maintenance can have an effect on the fees.
A well-run condo building will set aside a third of the money for major structural repairs or an emergency fund. Ask the association to show you where the money is going each month, how much cash on hand it has and whether there are any outstanding liens against the association.
Association Woes
The dynamics of living in a condominium will rely heavily on the nature of the association board. Assessing the nature of the board is going to be as important as the features of the unit that you are planning to buy. Real estate agents have a lot more options to offer if you find that certain unit unappealing due to the association.
If the condo association takes minutes at its meetings, ask to see them. This will give you a good idea of the culture of the building, letting you know if there are any insufferable gadflies that drive the rest of the building crazy, or if the condo leadership is responsive to tenant concerns. It will also give you an idea of the latest news in the building.
These are only two of the factors that must be considered when one is buying condos in Philadelphia. The rest can be determined with a reliable agent who has expertise in the field. A knowledgeable agent can also value the neighborhood the unit belongs to, and can help in negotiations.
Buying a condominium is a good start to begin life in the City of Brotherly Love. Interested buyers can consult agents like Joanne Davidow to learn more about the city’s condo scene.
(Article Excerpt and Image from 5 tips for condo buyers, Fox News, October 11, 2013)
