Buying Highlands NC Real Estate, Review Condo Documents
Lynn Kimball, Highlands NC Real Estate
Review the condo documents when buying Highlands NC real estate. Buying a condo is different from buying a property or a single-family residence because there are rules and regulations in place. Furthermore, there are dues, reserves, and capital improvement schedules. However, not all associations are created equal, and understanding the association where you are buying is critical. Your Highlands NC REALTOR will make sure you get the documents but it is up to you to read them.
Condo dues
Condo dues cover different things for different associations. Exterior maintenance, landscaping, and routine maintenance are among the common items that dues will cover. The association’s rules and regulations will provide what will be covered by the association and what falls under the purview of the individual owner. Additionally, dues vary from association to association, and factoring this into your expenses is important.
Financials matter
While many condo associations maintain healthy reserves and are fiscally responsible, others are not. Furthermore, understanding the reserves and whether or not assessments are expected in the future is important. No buyer wants to be caught off guard with unexpected expenses after closing. A reserve schedule should list out large projects, like a roof replacement, as well as whether there is money for such a project.
Learn more about buying Highlands NC real estate
Contact me, Lynn Kimball, today to learn more about buying a Highlands NC condo for sale. I welcome the opportunity to update you on the market conditions while preparing you for your property search. Let my knowledge and experience serve as your guide to buying Highlands NC real estate.
Click here to read “Apathy And The Condo Owner” from Realty Times.
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