Despite the fact that a condo and a townhouse are not exactly the same, they have more in common with each other than either has with a single family home. So whether you’re buying a house or a townhouse, you need to thoroughly consider certain stuff before you lay down your cash. And there are some significant concealed risks among these stuff that could cost you a long-term bundle. Here, then, are the things to look out for when buying a condo or townhome in Sparks Nevada.
What To Watch Out for When Buying A Condo or Townhome in Sparks Nevada
Whether you’re buying a Sparks Nevada condo or townhome, you’ll have to pay HOA and other charges. These charges should be calculated as a part of the purchase cost, but you need to make sure that they are justified and will not bring the condo or townhouse beyond your economic reach. Just factor these fees into your preliminary financial calculations to make sure you don’t buy more home than you can afford.
One thing you certainly want to watch out for is what the other inhabitants are like when purchasing a condo or townhouse in Sparks Nevada. Do their lifestyles fit yours well? If you’re an early riser, for instance, you wouldn’t want to live next door to someone with just a wall between them, who stays up until all hours playing loud music.
You also need to figure out at an early stage what the HOA is like. The board’s personality can be a enormous factor in whether or not you’re going to enjoy your living experience. Then the first step is to review the rules, regulations, and bylaws of the HOA, as well as to request and review a copy of the minutes of the last or two meetings. Check to see if there will be any issues that will force you to reconsider buying a condo or a townhome.
One thing you certainly want to watch out for is precisely what the HOA insurance covers when you buy a condo or townhouse in Sparks Nevada. So make sure that you get a copy of the insurance policy of the association and carefully and thoroughly review it. You don’t want to buy a house or townhouse and find out the coverage is too small or obsolete in the event of a fire or natural catastrophe. You also need to find out whether the policy covers your personal belongings if the roof leaks or if there is a building fire.
You also need to know how repairs are handled. Associations generally have insurance policies in place to cover some repairs along with a reserve fund for major projects like swimming pool repair and parking lot resurfacing. But just because there is some funding to handle these repairs and projects, that doesn’t necessarily mean there will be sufficient funding or that they will be handled well or taken care of in a timely fashion. So that’s what you need to determine. Do research before buying so that you don’t wind up paying a portion for these repairs out of your pocket.
The delinquency rate, which is the proportion of citizens paying their HOA charges late, is another thing to watch out for. This is important because most banks will not approve mortgages where there is a high rate of delinquency. You may not be able to get funding in this situation. And if you get funding and ever want to sell, that elevated level of delinquency can make it very hard.
These, of course, are only the main things when it comes to What To Watch Out for When Buying A Condo or Townhome in Sparks Nevada. There are others that may be even more critical depending on your particular financial situation and lifestyle. If you are looking for Condos for Sale or Townhomes for sale, your local real estate agent can help you with the necessary research to help you avoid a costly mistake.