Looking for a condominium in the Washington, DC area? Condos are a great investment, especially if you happen to be a first-time home buyer. But as you start your home search and check out DC condos that best fit your needs, it’s important to keep the following questions in mind.
Buying A Condo in Washington, DC: What To Keep An Eye Out For
What’s the Home Owner’s Association Like? Make sure the HOA is doing their job. If the grounds around the condo seem neglected, it might be a sign the HOA isn’t living up to their end of the bargain. Talk to current residents to find out about restrictions, oversight and how responsive the HOA is to getting repairs done.
What Are The Residents Like? If you’re planning to buy your own condo, find out if current residents are condo owners or condo renters. Owners typically invest more time in maintenance and are more likely to help enforce the rules of the HOA.
What’s Your Responsibility? Be sure to ask what part of the condominium is the responsibility of the association when it comes to maintenance. It’s typical for common areas outside to be maintained by the association. Find out if there are restrictions when it comes to personal property you may want to put outside.
Ask About Special Assessments Make sure your condo association has the power to special assess for needed, one-time large expenses. If they do not have this power, repairs may be neglected and the property value of your condo can decrease.
Let Us Help You On Your Washington, DC Home Search
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.