Simplicity: A Real Estate Brokerage Company works with residential and commercial clients buying and selling property. When buying properties — whether they are condos, homes, office buildings or retail space — we do all we can to ensure you have all the information you need to make smart buying decisions. That information includes knowing the true cost of that property.
How close is the price you’ll pay at closing to what the property will ultimately cost you? Here are four things to check:
Find out if HOA actually stands for ‘Hidden Organizations Attached.’ Not only might there be a Home Owners’ Association involved in a property, or HOA you’re considering to buy — there could be more than one. Woah.
For example, some residential communities may have a master HOA for upkeep and insurance of common areas and then, additionally, a community HOA, for things like maintenance of private roads and street signs. Being clear on these details up front will prevent you from being surprised by HOA fees or regulations. As a buyer, you’re wise to request documentation of the current rules and regulations governing the property you are considering buying. Some of these regulations could greatly impact your wallet and future, such as a restriction against sub-letting that property, for example.
Get empowered with data on the electricity bill. Cathedral ceilings are great, especially if you are in a cathedral! But higher interior space overhead can mean higher overhead in terms of household expenses, too. When you look at property to purchase, make a note to ask the age of the air-conditioning system. Ask if it’s been properly maintained over time. (An organized seller may even have service records to share.)
Make sure information is flowing freely. Does water come from a county, city or well water system? When you run your sprinkler, does your water meter run and are you the one getting charged for that, as well as the water that comes from your kitchen faucet? These are all good questions to ask a seller and his or her realtor.
Double check that the rooms really measure up. You want to be sure that your favorite leather loveseat will fit where you envision it. Remember that room measurements on property listings aren’t always correct. Bring a tape measure along, or a laser-distance measurer. This way, you’ll know exactly what you’re getting and that your furniture and accessories will fit where you plan to position them.
These are four of the potential hidden costs in a property transaction.
We’re happy to work with you to find others. Simplicity: A Real Estate Brokerage Company’s goal is that its clients are well informed on property they’re considering for purchase.