Buying A Condo In HAWAII 2020 | TIPS & COMMON MISTAKES TO AVOID
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In todays video we are going to go over some important things that people often overlook when it comes to buying a condo. It is important that when you are buying a condo you DO NOT make these common mistakes!
Parking Stall (1:24)
When you are buying a condo you want make sure you know where the parking stall is in your complex and know how big it is. This is something you should definitely know about BEFORE putting in an offer. You don’t want to be just finding out the location and the size of your parking stall the day of closing when you’re moving in.
Maintenance Fees (3:41)
When you are buying a condo you need to expect to pay for maintenance fees. In some condos you have maintenance fees and also HOA or home owner association fees sometimes these fees are separate and sometimes they are paid together. Some condos maintenance fees only cover the common elements, sewer and water. Some maintenance fees, although a little pricey cover a lot of things that some people might find valuable such as covering your internet, cable, and sometimes even your electricity bill.
Special Assessments (5:53)
This is something you definitely want to know when you are buying condo which your real estate agent should look into. Some special assessments are small and some are big. The point is you want to make sure you know what you are getting into and if there is a special assessment coming you are aware. As long as you are aware and it’s not some big surprise then you should be fine.
Not Knowing the renovation rules (7:44)
If you are buying a condo with intentions of doing major renovation, you NEED to know the renovation rules. It’s because although yes you own everything from the walls inside but you have to abide by certain rules for condos. You can’t just go in and start knocking down walls. It would be a shame if you bought a condo with plans to open up some space and knock down walls and come to find out that you’re not allowed to do that. Most of the time there’s a process to it and sometimes it’s as simple as just letting the resident manager or board of directors know of what’s going on.
Restrictions (9:09)
Pet - If you are buying a condo and you are a dog or cat person, then you need to know this stuff before putting in an offer. What is the pet policy? Is it pet friendly? Do they allow pets? If so, is there a restriction on how many pets? Is there a restriction on how heavy the pet can be? Or maybe they don’t allow cats and dogs, but they will allow fish. All these answer can be easily found if you just ask the resident manager or the management company.
FUN FACT: If you have an emotional support animal, pet restrictions DO NOT apply to you
Building/Zoning - if you are buying a condo with intentions of doing short term term rentals or AirBnb, double check if it is okay to do in that building or even in the zoning of that area. In some places like in Oahu, there are HEAVY consequences if you are doing Airbnb in a building or area that does not allow it.
Washer & dryer (10:58)
Sounds silly but you definitely want to know about the washer and dryer situation when you are buying a condo. Is there a washer and dryer in the unit, or is it community washer and dryer. Meaning is there an area in the building where you must go to do your laundry. Most people don't like community laundry for obvious reasons, but some other people don't care. Just make sure you know before going to see the property so you don't waste time!
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