Considering a Luxury Condo Investment? Ask These Questions First

For 42% of recent buyers, the first step in the home buying process was looking at properties for sale online, while 14% of buyers first contacted a real estate agent. But investing in a luxury condominium is also a major decision and should be approached with the same level of precision. Before you decide on a location, price, or amenities, it’s important to ask a number of specific questions to make sure your needs will be met. Here are just a few important questions to ask before investing in luxury condos for sale.

What are the COA fees associated with the luxury condominium community?

On top of paying a mortgage, moving into a condominium typically requires monthly COA (home owner’s association) fees that pay for amenities like pools as well as maintenance like landscaping. In the same realm, it’s important to know exactly what’s included with your COA dues — as well as what’s not included.

“What’s usually included is anything outside your condo, from cleaning public areas to removing snow to maintaining the community pool. Owners themselves generally pay for whatever is inside the walls of their condo, like painting and appliances. Make sure what you’re getting is on par with what you’re paying for, says Nelson. And always ask if the board sees the fee rising anytime in the near future, and how much it’s risen in the past,” writes Cathie Ericson on Realtor.

What are the exact rules for residents living in these condos for sale?

When considering a certain condo community, keep in mind that rules for residents may differ. Some communities have basic rules that cover things like parking locations and late fees for COA costs. Other communities may have more rigid rules, like not allowing holiday decorations on your door or putting limits on the hours you can barbecue. Leave no stone unturned when it comes to reading each and every rule of your condominium residency.

Ultimately, it’s important to ask any and every question that comes to your mind when you’re looking at condos for sale. It’s always best to be thorough, and by taking the investment process seriously, you’re bound to be happy with your purchase and your luxury lifestyle. For more information about condos for sale, contact Palma Sola Bay Club.