Four Things to Know When Buying a Condo or Loft in Minneapolis
Given the spike in new condo developments across Minneapolis in recent times, it is a good time to plan a condo or loft purchase in the city. Regardless of whether you are looking to invest in a luxurious, multi-level condo, or wish to go for a tranditional option, it is a decision that will have an impact on your life. As such, it only makes sense to keep in mind a few important things while buying your dream condo.
The HOA Fees
Condo & lofts are usually managed by condo associations that charge the condo owners specific monthly fees called the HOA fees or homeowners association fees. The HOA fee is used for covering the various maintenance activities that might be carried out across the building and its premises. It is a recurring expense that you must factor in while buying a condo.
The Age of The Building
Another important thing to consider while buying a condo is the age of the building. There are comprehensive new construction defect laws that are designed to safeguard the interests of condo buyers in Minneapolis.
Buying a condo is a “big” decision. That being said, you may want to look at purchasing a condo that aligns with your lifestyle. For instance, if you are a pet owner, you might want to check if the building is pet-friendly. If you travel for several months a year, you might want to look for a community that allows owners to sublet their condos while they are away.
The Terms of Your Condo Contract
While buying a condo or loft, you will need to review the association declaration documents. The HOA documents include the following: budget, reserves, bylaws, rules & regulations, pending special assessments, hazard insurance, and also the way the condo complex is administered. You must examine the agreement thoroughly to get a fair idea of the rules and regulations that you will have to abide by.
If you have interest in purchasing a condo or loft in Minneapolis, please feel free to call, text, or email RE/MAX Results-Shannon Lindstrom, Urban Realtor today at 612-616-9714.