Buying Any Condominium
Always check the contract and association rules for the following:
Are usually outcome of late payment of association or maintenance fees? Possible actions are loan against your condominium, property foreclosure, and court action.
Do you know the restrictions? Do they restrict age of residents; pets; who and exactly how many people may stay in your homes for sale; no hiring or subleasing; number of guests at one time in your unit, internet business; and so on?
Make sure you understand the definitions of the limitations (such as, what makes up excessive noise).
What are consequences of the various restrictions?
How and when are you able to access the pool, spa, gym or club?
Does the organization have to approve all buyers? Do these cards conduct a criminal background check before approval? A condominium can provide you more safety than a single-family homes for sale in that the association can ensure the residents do not have criminal backgrounds. One can search luwury condos at 45 East 22nd Street, New York.
Once you purchase your condominium homes for sale, insure the inside against liability and damage. Consider the extra cost for flood (if even a remote likelihood is available — think Hurricane Katrina) and wind insurance (especially for units above surface level).