Buying a condo has proven to be one the smartest investments whether you are single, part of a small family, or are considering your retirement plans.
Condos are incredibly easy to maintain, and their value has proven to actually improve faster than that of a comparable single-family home. That being said, there are some red flags that you should always look out for while you are testing the condo market in your area.
If you’re looking for Myrtle Beach condos for sale, here are some important red flags to keep in mind!
Basic maintenance is lacking
One of the very best aspects of great condo complexes is that maintenance of public spaces is taken care of without any effort on your part. Condos are known for having dedicated teams to make sure that outdoor areas, gyms, garages, hallways and lounges are sparkling clean at all times.
If you find that a potential condo that you are looking at does not exemplify that, you should take that as a sign that the management team is not on top of their game.
Residents are not paying HOA fees
As a potential resident, you have every right to take a look at the HOA financials to see how the money is being spent on the building. If more than 10 percent of the current residents are not on top of their HOA fees, you should consider that a deal-breaker.
The reason why is because without all the money they are owed, HOAs cannot operate effectively. That means that things such as repairs, security, or other crucial aspects of a well-run complex may be lacking.
They can’t offer you a resale package
Just like every real estate purchase, you need to know that you are making a sound investment. That means not only having the value of your property remain stable, but actually appreciate overtime.
If you are buying a condo, you can request to see the buildings resale package to check the overall financial health of the community. If you ask for such a package and they do not offer it, that could be a sign that there is something in their financial records that they do not want potential residents to see.
Your real estate agent does not have condo experience
This is less about the properties that you are looking at and ore about how you are looking at them. When you are looking for a real estate to help you through the process of finding and purchasing a condo, make sure that that real estate agent has specific experience working with clients looking to purchase a condo.
Even if your best friend has tons of experience as a real estate agent selling single-family homes, you should opt for someone else who knows what they’re doing with condos.
The reason why is because there is much about the two processes that are very different from one another. You need to be confident in the fact that your agent knows exactly what they are doing throughout the entire process!