Now that you know why a condo inspection for your condo in Segambut Or Taman Desa is important, let me give you a few more tips. When choosing your inspector, be sure to take a certified professional. Because some people offer their services without training and this is clearly not to your advantage.
How much can you dedicate to the down payment?
To buy a divided co-ownership, you must make a down payment corresponding to at least 5% of the purchase price of the condo, and this money cannot be borrowed (it can be a donation from a loved one, however ). This is the minimum required for a condominium valued at $ 500,000 or less, although nothing prevents you from paying more, of course. For segambut apartment for sale you can also opt for the sections.
Then ask the inspector to see an example of his reports
The more detailed this document, the more protected you are in the event of a problem. A good report should therefore contain several explanations and photos to support everything. And finally, also check that the inspector has liability insurance. In the event of error or omission, you will be safe. To learn more about choosing your inspector, see our article on this subject.
In addition to the building regulations, the declaration of co-ownership also details the constituting act and the description of the fractions. As a buyer, it can be interesting to know the value of other units, as well as the weight of your own fraction in the total value of the building. The latter will indeed influence the co-ownership fees and the contribution to special assessments.
Finally, the management structure of the condominium will be described there. Is it provided by a professional trustee or by a voluntary trustee? If it is a management by voluntary trustee, do you want to get involved in the management of the building? Are attending meetings, keeping books and managing suppliers for condominium maintenance for you?
Is the contingency fund adequate?
This fund is an account in which part of the co-ownership fees is paid, in anticipation of major maintenance work, such as roof repairs, or unforeseen events. It is important to evaluate the condominium fees and the contingency fund according to your needs and situation.
If the contingency fund is non-existent or sparse, you should expect to advance additional money if major work is required.
Will you have the money when it’s needed?
Depending on your financial situation, it may be better to pay higher condominium fees on a regular basis or to pay a lower monthly sum knowing that you will have to be prepared to pay the costs of major work to come.
Like our content? Click here for more!