Important 8 things to know before buying a condo in Madison
Buyers looking to buy condominiums have never had it better with the real estate markets thriving and offering an eclectic variety of condos to choose from. Each of these homes comes with a variety of features that cater to the tastes and budgets of all types of customers.
Those staying in Madison, Wisconsin, specifically, Downtown Madison, have an exciting variety of condo building projects to choose from. There are a large number of condos for sale in downtown Madison, Wisconsin with a number of new projects completed and nearing completion.
Whether you are looking for a cozy single room condo or a luxurious 3 bedroom condo all you need to do is get in touch with a professional realtor to find the best deal suited for you.
Those looking for luxury lofts or Bi-level condos for sale will find the Marling Apartments in Madison, WI the ideal choice as they are among the best luxury accommodation in the area.
Here is a list of things you need to know before buying a condo in Madison:
1. Find association fee
Every condominium has a management team that ensures all condo owners live a comfortable life and in order to do so, they charge a homeowners association fee each month which is used for repairs, litigation, and other maintenance related matters.
The very first thing you need to do is to find out how much is the association fee? Usually, the fee is between $100 to $400 depending on the type of the condo you choose to buy. In order to find the exact amount, you can request for a copy of the association’s budget from the buyer or his agent as the management team will not disclose this information directly to you.
2. Check on mortgage
Mortgages on condos work exactly the same way as with any other property, the lending institution will run through the condo documents and operations of the building before approving the mortgage.
You would also want to check on the condos delinquency rate, as mortgage lenders definitely check this and if the delinquency rate is higher than a certain percentage then they do not approve it. If you are paying cash in full then don’t bother this won’t affect you in any way.
3. Verify builders reputation
When you plan to buy a condo you need to look at the builder’s reputation and the past projects. Once you do your homework of their past performance like their status of building license, a number of past projects, references etc. you can be confident to deal with them.
There are a couple of ways to check a builders reputation, the first one would be to check thorough-on-site public records for any court cases against them. The next way would be Google the builder’s company name and owners names, this would give you a track record of the builder.
In the end, you may also check with the state’s attorney general office to see if the building has any pending issues or violations.
In order to avoid all this work, you can get in touch with a professional real estate agent like yours truly (me), who would find all this information for you ahead of time.
4. Building insurance coverage
The building association does have you covered for insurance however you need to find out exactly what is covered by the insurance. Most common things to look for would be to see if the insurance taken by the association covers fire, theft, natural calamities, and vandalism.
All of your insurance coverage is outlined in the condo association’s bylaws and the association master policy. If the policy taken out is “all-in & all-inclusive” then you are all set as the insurance would cover exterior and interior surfaces, including installations, fixtures, and additions. If the insurance is a special entity policy this would mean that structural improvements or unit additions are not included and if it’s a “bare walls in and wall studs in”policy that means only the bare structure is covered.
If your association policy does not cover everything then you do have an option to take up a policy yourself and get everything covered yourself.
5. Quality of project
The condo development business functions in two ways. Either the developer uses an external construction company for the task and uses a building contractor or the developer is the owner of the construction company. Choosing a condo developer who uses his own construction company is definitely a better option as the developer has better control and visibility that translates into higher standards of workmanship.
Few things you may check yourself like the floor plan, the plumbing, water pressure and drainage, electrical fittings and square footage.
6. Design of the condo
Condos these days come with aesthetic and functional suite designs like curved walls, floor-to-ceiling windows etc. which are used to enhance the practicality of the property. Top notch developers strive that bit harder to make use of optimal interior designs to ensure they offer the ultimate living experiences for condo owners. Check the layout and floor plans to ensure they match up to your requirements.
7. Access to amenities
I love the amenities that come with downtown Madison condos like the swimming pool, the gym, the storage space and so much more, however, needless to say, the amenities in a living space need to be comfy and match your requirements and expectations perfectly. For those who are fitness conscious selecting a condo building with a fully equipped fitness center would be ideal.
Similarly for those who enjoy hosting parties and get-togethers on a regular basis having a spacious and attractive party room in the complex would be an added advantage. The bottom line is the condo you plan to purchase should have all the necessary amenities that will align with your lifestyle.
8. Choose the right finishes
If you plan to buy a condo that offers upgraded or premium finishes to its properties you need to be clear as to what you will get. There is no benchmark when it comes to finishes, and these vary from one property to another. You need to physically examine the condo to know what kind of finishes to expect from the developer.
It is very easy to spot good finishes like stone counters, built-in counters, and hardwood floorings.
Conclusion to things to know before buying a condo in Madison
I hope everything that you read helps you in making a better decision when buying your own condo. A condo lifestyle is just superb and if you follow the guidelines mentioned here, you are surely to enhance this experience.
I would love to hear from about your experience and suggestions when buying a condo so feel free to click on the contact button on the top and send me an email.