Topical Guide 535
Mark Dorset
Buying: Housing: Caveat Emptor
Reservations Recommended, Chapter 6:
“Anyway,” Matthew says, “are you sure you want to do that? Buy a condominium? I know you’re taken with it and everything, but aren’t you rushing into this? Neighborhoods have been changing a lot, you know. Maybe you should get a feel for the city — as it is now. Get to know different neighborhoods before you buy something. […] I just don’t want you to find out six months after you move in that you’ve bought a place you can’t stand. You could wind up with a place that — stinks. Literally. Dead rats rotting in the walls.”
“Matthew.”
“Old garbage fermenting in the disposal. Who knows? Why don’t you rent something for a while? Look around a bit.”
Kylie Ora Lobell, “A Beginner’s Guide to Purchasing a Condo,” moneygeek:
Avoiding Common Mistakes
While purchasing a condo could be a great idea for your finances and your family, there are some common mistakes you’ll want to avoid — like not doing your research on the condo association. Avoid these mistakes and you’ll have a much more positive purchasing experience. […]
• Don’t neglect to research the condo association. Know whether or not they have shady financial practices or don’t do maintenance on the building.
• Don’t neglect to research market prices. Make sure that prices are going up in an area where you’re purchasing your condo and not stagnating or dropping.
• Don’t fail to look into amenities. What if you need two parking spots, but you only get one? What if you want a pool, but the building doesn’t have one?
• Don’t neglect looking into the community demographics. You don’t want to live in a mostly senior community if you have young kids who make a lot of noise or vice-versa.
• Not taking a tour of the grounds. Look for any problem areas on your tour and do a thorough inspection to make sure everything is well-maintained.
Here’s some more good advice:
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