Condominiums are attractive homes for those who want to own their own property but don’t want to deal with the maintenance needs of a traditional house. They’re also popular for city living. Regardless of whether you’ve purchased a house before, moving into a condo is entirely different. Before you buy a condominium, ask the following five questions to avoid any surprises.

What to Ask Before Purchasing a Condominium

What Are the Monthly Fees?

While you won’t have to pay rent each month when you buy a condominium, you will likely have monthly fees for building amenities and services. These are similar to homeowners association fees, covering the cost of tasks like keeping the building clean and maintaining the fitness center. Ask the building’s board to explain what the monthly fees are and if they have plans to raise them in the near future. 

Will There Be any Assessments? 

A condominium will occasionally undergo assessments, which determine whether additions and changes will be made to the building. For example, the board may decide to install a swimming pool or renovate the hallways. Usually, the building’s inhabitants pay a one-time fee to fund the changes. If an assessment is approaching, you may have to pay a larger bill on top of monthly fees.

What Are the Building Rules?

The rules for condominiums can vary drastically between buildings, so spend time reading through each of them. They will cover everything from parking spaces and subletting to pets and decorations. 

Who Manages the Building?

Your prospective condominium should have a professional management company. There should also be a manager at the building each day to handle maintenance issues and other tasks. If they have been with the building for an extended period, you can trust that the building has a solid reputation.

Is the Board Involved in any Lawsuits?

If the board is involved with a lawsuit, it could cause financial problems for the building and its tenants. It could also mean something was managed improperly. Obtain peace of mind before you buy by reviewing the building’s liability insurance.

Are you looking to rent a condominium, apartment, or house? Located in Statesboro, GA, Eagle Realty & Investment is a family-owned and -operated property management company with a variety of rental real estate properties, including condominiums. They’re dedicated to offering their tenants top-notch customer service and will use their vast resources to find the rental property that best fits your needs. Their flexible lease agreements make renting easy and stress-free. Give them a call at (912) 871-0333 or visit their website to learn more about available condominiums and other properties.