There is a lot of difference in buying a single-family home and a condominium. You need to consider different things when buying one of the available condos for sale. One of the main reasons many people prefer condos is that these tend to be available at a lower price as compared to a single-family home. As you must be aware, a condominium is a shared piece of property and all the individual owners of each condo share it with others in the property.
There are several amenities that are usually available to condominium owners including tennis courts, swimming pools, fitness centers and other such things. Owning a condo also comes with the benefit of less maintenance and living in a community. If you are searching for condos at Rittenhouse Square, here are some important things you need to consider in order to find the right condo, at the right price.
First and foremost, it is important for you to know that Rittenhouse Square is widely regarded as one of the premier areas for homebuyers in Philadelphia. There are many high-rise condo buildings here and there is a wide assortment of high-rise condos available for sale in this area. Since condos are also available in many different sizes, it should be easy for you to find something that matches your requirements.
It is recommended to hire the services of a real estate agent with experience in buying and selling of condominiums. Keep in mind that the purchase contract for a condo is a lot different than other types of residences. In many cases, a separate contract is required to be signed in addition to the sales contract before the sale is closed. This additional contract typically outlines the rules and regulations of the association and you will need to adhere to these regulations to buy a condo. Therefore, partnering with an experienced real estate agent who has previous experience in this field will help you find the right condo and they will also make sure that you are aware of the process and rules and regulations you need to follow.
Another important thing you need to know is that not every condo unit includes all the amenities you might have imagined. So, you will need to find out whether your purchase includes a parking spot or any kind of additional storage. Similarly, you need to find out whether additional parking is available for your guests. You will also need to pay association fees that could be paid monthly, quarterly or annually. These fees are required to be paid for common expenses such as maintenance and insurance. In many cases, you should be able to obtain the financial statements of the association before buying a condo in that community.
In addition to knowing the total amount of association fees, you also need to find out what is included in the association fees. Usually, it includes insurance, maintenance, water, road maintenance, landscaping as well as trash pickup among other things. There are cases where association fees also include heating and electric. If your community offers additional amenities such as fitness centers, pools, tennis courts or other such things, you will also need to pay for these amenities.
Carefully go through the association rules as every member of the committee needs to follow these rules and regulations to make sure that everybody is able to live in peace and harmony. You are not free to make your own independent rules which is the case with a single-family home. For instance, certain types of pets or all kinds of pets might not be allowed in certain communities. Sometimes, rules prohibit renting of a unit in the community. In short, you need to read the rules and regulations to make sure you will be able to abide by them once you have bought a condo.
Overall, these are some of the important things you need to carefully consider when you are searching for condos available for sale in the Rittenhouse Square.