Looking to Buy a Condo in Minneapolis – Red Flags You Should Be on the Lookout For

Written by  //  2018/02/02  //  Buying a Home  //  No comments

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Are you getting ready to purchase your very first condo in Minneapolis? Buying your first condo is a pretty big milestone. It’s not every day you spend that kind of money and make that big of a decision.

So with that in mind, it’s important you go into the experience with a clear head, a firm budget, and a realistic goal of what you hope to find. To ensure you don’t get swayed by staging, a low price tag, or a stunning destination, here are some red flags you can keep in mind during property tours. Watching for these red flags will help to protect you and your money.

Extreme Condo Fees – Too Low or Too High

The majority of condos out there feature what is known as a condo fee, or an HOA (Home Owners Association) fee. This is a pre-determined amount you will need to pay, usually on a monthly basis. These fees go towards maintenance of the building and its services, such as recreational facilities, elevators, windows, etc.

It’s important to ask the condo fee for each unit you look at. A fee that seems too high or too low should signal a red flag. Condo fees that are too high show the condo board of directors is trying to pay for a problem that currently exists, whereas condo fees that are too low mean you may be subject to an assessment fee on a regular basis.

The Property Management

It’s also a good idea to look into how the property is being managed, who is managing it, and how money is spent on the building. When you buy a condo, you are actually part of a shared-living arrangement. What this means is that you need to be happy with how that arrangement operates and functions.

The Age and Condition of the Building

While the individual unit you look at might be fresh, clean, and up-to-date, these could just be cosmetic covers. It’s a good idea to look into how old the building is, if there have been any recent repairs, if big repairs/renovations are scheduled to take place, and how the building is cared for. Often, people assume that because it’s a condo you don’t have to hire a property inspector, but in reality, it should be a very important step in the process.

Is It Priced Right?

The final tip comes to pricing. It’s important you do your own independent research into what various areas are worth and different styles and sizes of condos. You need to be able to look at the price tag of a property, its location, and condition, and determine if the seller is asking fair market value. Check out the skyscape condos for sale to get an idea of current prices in the Minneapolis area.

The Condo That Fits Your Budgets and Needs

Buying a property based on emotion is never a good idea. Instead, experts suggest doing your research in advance, watching for red flags, and becoming an informed consumer.

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