Undoubtedly, condos are perfect for those looking for an affordable and convenient housing solution in Port Aransas real estate. Condominiums are great investments for a variety of reasons. They can also be an excellent way to diversify your real estate portfolio.
If you are searching for an affordable home option, a condo might be the right choice. It is a property you are paying for, and you have a right to live in it without worrying about the upkeep of the common areas or exteriors. Though a beautiful single-family home is the most desired property type, it doesn’t work for everyone. If you are looking for an investment or a starter home, nothing can replace a condo.
However, there are certain risks involved in buying a condo, as with any investment. In this article, we will discuss six red flags that you should look out for when considering purchasing a condominium unit,
1. Normal Maintenance Being Compromised
Compromise in maintaining the condominium complex is the enormous flag that you should look out for when buying a condo. This means that the association is not repairing or replacing roofing, painting, repairing fences, or any other exterior features as needed. It can also mean that the common areas are not being cleaned regularly or that landscaping is not being done. These things can lead to an overall decline in property value.
The landlord must never be stepping back in keeping the condominium complex up to date and in good condition. This would include all amenities such as a pool, gym, and clubhouse. If these luxuries are not being well-maintained, you will likely have to deal with any repair issues in the future. Some of these tasks would include keeping the floors swept, mopped, and vacuumed, making sure the windows are clean, and checking the locks on the doors.
If they are not, it can be a sign that there are financial troubles with the condo association or the monthly fees that all owners must pay are not being used properly, or they might not even pay. Anything could be the reason, so it is important to investigate before buying.
2. Poorly Designed or Not-So-Well Constructed Building
Designing the building is just as important as constructing it. If the building is not designed well, it can cause many problems in the future. For example, if the hallways are too narrow, that could create a fire hazard. Or, if the rooms are all oddly shaped, that could make it challenging to find furniture to fit correctly or make the space feel cramped. If the building is poorly designed, it could signify that the previous owner didn’t put much thought into it and just wanted to make a quick sale.
Another issue that can come up with poorly constructed buildings is water damage. If the building isn’t sealed correctly, then water can get in and cause a lot of damage over time. It is always suggested to ask, “How old is the building structure?” The factors such as building codes and other city codes were violated if the building is new, which is a significant sign that the structure might not have been built up to par.
There should always be a perspective to review the building for violations and the facility’s current state. If there have been a lot of complaints or if the city has cited the building for any code violations, that is another big red flag. This could mean significant issues with the complex that have not been addressed yet.
3. Neighbors Not Paying Their HOA Fees
Everyone is required to pay monthly fees to the homeowners association to help maintain the complex. If you are looking at a Port Aransas condo property for sale and there are a lot of units that do not have any cars in the parking lot, or if all of the lights are turned off in the building, it is likely because those owners have not been paying their monthly fees. This could be a sign that the complex is not in good financial shape and that it may be a risky investment.
You have the right to review the HOA financials to determine the solvency of the HOA. These files will tell how much money is coming in each month, how much is going out, how much money is left in the reserves? All need to be viewed before investing in a condo. If you find any signs of bad HOA management, it would be best to steer clear of the investment. Then, you will need to either figure out how to change those services or be prepared to pay out of pocket for damages.
4. Bad Installation
A big red flag in some condominium units is bad installation. This means you would be able to hear your neighbor’s footsteps or other strange noises due to the lack of soundproofing in the walls. You might also be able to see into your neighbor’s unit if the installation is not done correctly. This could create many privacy issues and make it difficult to feel comfortable in your own home.
If you are looking at a condo and notice that the walls are thin or there is not much soundproofing, it is best to move on to another condo for sale in Port Aransas. This can be very difficult and costly to fix after you have already moved in.
Also, if you see any gaps, crooked lines, or anything else that looks out of place, those are all signs of a bad installation. It is best to avoid units with these problems so that you don’t have to deal with them down the road.
5. Parking Issues
Inadequate parking is another big red flag for buying a condo. This is especially true if the complex is located in a busy area where parking is already at a premium. If there are not enough spots for all of the residents, that could lead to many problems down the road. For example, cars will be taking up spaces on the street, which will cause headaches for the neighbors, and people may start parking in unauthorized spots, which could lead to tickets or tows.
Even if parking is available for the complex, you should look out for how safe the parking lot is? Is it well-lit? Are there security cameras or gates? If not, that could be a sign that the complex is not as safe as it should be. You don’t want to worry about your car being broken into or stolen every time you leave it in the parking lot.
6. Stay Away from Real Estate Agent Who Does Not Typically Sell Condos
If you are considering purchasing a condominium unit you need to hire qualified Port Aransas realtors instead of the one who is selling just houses. Selling condos is different than selling homes, so you want to make sure you have someone on your side who knows what they are doing.
Your Port Aransas real estate agent should be able to tell you about any hidden danger signs they see with the complex or the unit itself. They should also be able to tell you about any upcoming repairs or changes that the complex might be making. This is vital information to have before you make your purchase to be sure you are getting a good deal.
The Final Word
So, these were some of the red flags that you need to look out for when buying a condo. If you see any of these signs, pause and reconsider your decision. It is always better to be safe than sorry for such a big purchase.
If still confused, consult with a profound real estate investor who knows everything about the condominium world to get unbiased advice. Buying a condo is a significant investment and should not be taken lightly. Make sure you are fully informed about what you are getting into before signing any contracts.