Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Friday: Time for Q/A with Condo CanDo…
1. In buying a newly constructed condominium, should you, the buyer, have a structural and mechanical inspection?
Yes. A friend recently bought a real nifty condo at the lake. There were two condensate lines from the air-conditioner. One line was installed correctly and the second, oops! Forgotten. She spent two weeks in a hotel while the walls were torn out, remediation for mold was performed and the condensate lines properly installed.
2. In buying a resale condominium on the fifth floor, should you have a structural and mechanical inspection?
Yes. There’s glass, heating systems, plumbing and electrical not to mention balconies and terraces. Recently on a brand new condominium, the inspector found water running into the wall from a cement cap on the terrace.
3. In buying a condominium that is a new conversion should you have a structural and mechanical inspection?
Most definitely. Some conversions are totally gutted so by all means, a thorough inspection…and if there were just a cosmetic overhaul, most definitely. And that might include a separate inspection for heating and air.
4. Should you know the percentage of investor owned units before you make an offer on a condominium?
Yes. Yes. Heavy percentages will affect the type of mortgage you will be able to obtain. With a higher interest rate of course.
5.Should you look at the yearly budget and the last year’s financial statement before you sign on the dotted line for a condominium? Yes. Look for irregular expenses, like collections and legal fees.
6. Should you read the by-laws and rules and regulations on a condominium before you sign, seal and deliver?
Always, always, always.
Condominium living can be great for some folks. Condominium buying may seem more tedious than buying a single family home…invest time up front looking and checking the details.
What’s that old saying?
An ounce of prevention is worth a pound of cure?
Lynnsy Logue the Real Estate Lady and Condo CanDo in Charlotte NC