Condominiums
are one-unit properties made on one another. According to Dean Graziosi, an
individual owns rights on single property units. However, there are collective
rights on common areas. These common areas include roof, outdoors, swimming
pools, hallways etc. Buying a condominium is quite tricky, but not difficult.
Dean believes that if you pay heed on a few things, you will be able to make a
good and trust worthy deal.
Dean
Graziosi is a real
estate tycoon.
He started his real estate business from the age of 18. Since then he has made
so many successful deals. Although, he does not belong to a very rich
background, his life is full with success, achievements and accomplished goals.
If asked what made a teenage boy into a millionaire, his answer is simple. It
is extreme hard work and self-determination. Dean is one of those individuals
who do not keep fruit of their success.
He
shares his achievements with other aspirants and real estate
novice. For this
purpose, he has designed a number of courses. These courses are based on
different real estate skills and deals. He is a bestselling author. His books
are listed in renowned magazines and journals. Let us have a look on tips given
by Dean Graziosi on purchasing condominium.
A thorough survey:
Before
purchasing the condominium, conduct a thorough research. This research will
help you find out what faults and mistakes are present in the deal. With the
help of a survey, you can find out about management and other factors of your
future condominium property partners.
Rates of Crime:
Crime
and ratio of delinquents is a very sensitive matter. Most of people who live in
condominiums often make complains about delinquent activities. You can always
ask your future neighbors, nearby police station and area agents about rates of
crime.
Association Performance:
Another
important issue is to check how the association is working. If possible, attend
association meetings. If everyone is talking about leaking pipes, failed
drainage system, sewerage and water issues then you must think about your deal.
Such kinds of cries are a sure sign that the association is not meeting demands
of the residents and property.
If the
association is asking residents for more funds, it is a sign that they are
short of funds. In most cases, the funds are spent on unnecessary things
leaving necessary issue unsolved. An association short of funds means there is
somewhere, corruption rooted in the system.
Review Insurance Policy:
Get a
copy of insurance certificate. You can evaluate association's policies with the
help of this copy. Compare replacement and repairing costs of the policy. Make
sure that the policy contains clause of building-ordinance. This clause means
that if there is any rebuilding, the insurance policy will cover it. Furthermore,
it is very necessary that you must understand what is demanded from you, the
owner of the property. No doubt it is very necessary that insurance policy
provides the residents benefits. It is equally necessary that the residents
must understand what their duties are.
Legal Issues:
Purchasing
any other property is easy as compare to purchasing condominiums. Before making
a final decision on purchase, you must consult a real estate lawyer. Ask the
lawyer to review association's policies. A lawyer will better guide whether the
deal is according to state laws.
Join to Get Regular Updates
>>>
