Real Estate Info from Schaumburg by Nina Rocus

Are you thinking about buying an attached property?  If so, here are a few things to take into consideration….

1. You are going to be living really close to your neighbors.  That’s just how it is in an attached property.  Whether it’s a condo, coach home/manor home or a townhome, your neighbors are just a wall away.  Ask about the construction of the building, what separates you from those neighbors, do you have cement between the floors or are you going to hear every step someone takes on the floor above you.  What about the walls?  What soundproofing was put in to eliminate sound between the units.  Take a look at how close your balcony or patio is to the next unit, make sure this distance is “livable.”  Will the neighbors hear every word of your conversation, and you theirs?    How close is the building behind you and does another unit look directly into your unit?
2. Pets- Yours and theirs! Are pets allowed?  Are their weight limitations?  Is there a limit to the number of pets?  What other pet rules does the association have?  Again, remember you are going to be living close to your neighbors, will your barking pet be a problem?  Will theirs disturb you?
3. Parking What are the rules about parking?  Is it assigned? Are there enough guest spots designated for when you entertain?  Is parking 1st come/1st served?
4. Find out how much the association fee is and what it covers!  Don’t ASSUME anything! Every association makes it’s own rules!  One may include water, one may not.  One may include roof repair/ replacement, another may not!
5. Insurance What does the association policy cover, what are you going to have to insure yourself?  Don’t wait until you think you have a claim to find out that your issue is not covered by the master policy.
6. The Budget, Reserves and Special Assessments Make sure you take a look at the budget for the association.  See if the money they are collecting is covering the bills.  Ask about how much money is in the Reserve Fund,  is it adequate to cover any upcoming expenses?  Has a Reserve Study been done to determine what repairs/replacements will need to be done and when?  If the answer to any of these questions is no, there is a good chance you may find yourself with a special assessment in your future.  Make sure to find out if there are any known special assessments.

These are just a few of the things you need to think about when making a decision to purchase an attached property. So how do you find out the answers to these questions and any others you may have? Be sure to obtain a copy of the Declaration and the Rules and Regulations for the association.  And be sure to get it while the contract is still in the attorney review period.  Make sure it is an updated copy with any amendments or changes included.

These are usually long documents, but it is worth your time to “wade” through them to be sure there is nothing you find objectionable before it is too late to change your mind!  You don’t want any surprises after closing!

Have more questions?   Call or text 630-776-5263.  If you prefer email  me nina@NinaRocus.com.

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