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Mistakes To Avoid When Selecting A Condo

By Tabitha Naylor

Wisconsin is a beautiful state, and you finally decided that you want to settle there. After much deliberation and several viewings, you have also decided that you wanted to go for a condo instead of a single family home. Buying a condo is a little different from buying a house, and there are steps involved that should not be overlooked if you want to ensure that the process goes as smoothly as possible.

Follow these simple tips when you are selecting a condo so that you can find the right spot for you. Avoiding these mistakes can help you save headaches and money down the road. They may be a little time consuming, but it's a better alternative than having to solve problems down the line.

Check the management company: Unlike a single family a home, a condo building is usually run by a management company. Make sure that you do your research, that they have good reviews and that they are willing to answer your questions. An incompetent management company can end up costing you money, especially when you need repairs. If the building is not running like a well oiled machine, it could be more than a slight inconvenience in the future - it could end up costing you way more than you are comfortable with.

Find out how many condos are rented and how many are bought: The advice seems a little superfluous on first look. Why would you need to know that? The amount of condos that are rented is inversely proportionate to the value of your condo. What does that mean? Basically, the more condo units that are owned, the better the market value for your condo will be. This is an easy one to overlook, but one that can make all the difference when it comes to buying - and selling - your condo.

Do not skip the home inspection: Just because you are not buying a single family home and have faith in the management company doesn't mean that you can skip the home inspection. You need to make sure that there aren't any costly problems that are going to arise later. A thorough home inspection is absolutely necessary before you can buy that condo.

It is incredibly important that you do your research. As always, not doing your research can turn into a problem down the road, one that can cost you money and can cause you a lot of headaches. Make sure that you avoid these by following the tips above. Find out the amount of condos sold versus the ones that are rented to ascertain resale value, make sure that you know and trust the management company and always do the home a home inspection before you decide to buy, as this may change how much you are willing to pay for a particular unit.

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