Condominiums are like walkers; we use them at the beginning of our property owning life and at the end. So, here are some things to consider when buying that little slice of the real estate market:
Where does my stuff go?
I’m not talking about the basics; the fridge goes in the kitchen. I’m talking about the spare coats, ice skates, your autographed Mike Tyson gloves and Sports Illustrated Football phone. Is the storage in the attic? Is there one large basement floor with a section dedicated to your unit? How is it marked off? Is it a separate closet? Is there duct tape on the floor? Make sure to get these questions answered.
Where do I park?
Are there designated spaces for your unit? Do you get a guest space? (I once had a client buy a condo in Cambridge and there was a legal battle over the parking space to the Unit; we held aside $100,000.00 until the matter was settled and she could buy the space. It was $100,000.00 for a parking space!!) Truth be told, I think she just parked there while the matter was sorted anyway. But, don’t you do that! Figure out the parking.
What are rules and regulations?
As in many things with real estate law, “Condo Docs” are pretty boilerplate. So, when looking at your condo docs, pay attention to the rules and regulations section. These will impact your life. This is the section that tells you how heavy your dog can be, whether or not commercial vehicles are allowed to park, how long you can keep your hair. I’m kidding about the last one; only your mom can tell you that. Here’s my tip when considering the rules and regulations: if you like the way the common areas look; keep them looking that way and you shouldn’t have an issue.
So, enjoy either your first step into the world of home-ownership; or if you’re downsizing, relax pop, you don’t have to shovel snow anymore. And if you still have more questions? It’s ok, call me.