Do you feel like a condo can fulfill your lifestyle needs? You need to look at Bangkok condo sales for you to choose an ideal one. When you identify the one, do not invest your hard-earned cash in it before following the tips below.
Start by comparing the prices of condos. You should not buy one before making comparisons since the price of condos vary. Older condos tend to be costlier than newer ones. The homeowners association (HOA) fees tend to be lower in new communities compared to older ones. This is because older condos need more upkeep compared to recently constructed ones.
You also need to take your time as you go through governing documents. Before purchasing a condo, you need to understand the specific elements that homeowners association covers and the ones you are responsible for. Find out how your HOA defines units in the community. HOA defines what a standard unit includes. In most cases, a regular unit is defined as an element that is found within the walls of a unit. This includes all the appliances. As soon as you open your condo, everything in it is considered private property. This means that you are responsible for things like replacing your carpet, fixing a faulty kitchen appliance or painting the walls of your condo.
A condo also features such common elements that owners have to share. In these spaces, the HOA deals with the upkeep and repairs of common elements. You should also be aware of limited common elements. These are not within the boundaries of a standard unit. You have to share a limited common element with probably one more owner. Some of the elements in this category include the patio, skylights or chimneys. You may also be expected to share a garage with one more owner.
Each HOA sets some specific rules when it comes to limited common elements. You can find out this information by going through the bylaws carefully. If such areas need some repairs, HOA may settle some of the costs then request the owners that share some limited common elements to settle the rest. Before you make an offer, you should also consider talking to the neighbors to find out the kind of people you will be living next to.
Talking to neighbors can also help you find out how well the condo community is run. The current residents can also share some useful details regarding board members as well as the number of rentals available. Knowing the rental ratio can help you figure out if the community has frequent strangers or not.
You can also request for a copy of the HOA budget from the seller. You don’t want to live in a community that has high default rates since this can be costly for you eventually. Go through the minutes of the board meetings so that you can find out how well the community and board work together. You should also look for the right insurance when buying a condo.