How to Find the Right Downtown Indianapolis Condo

How to Find the Right Downtown Indianapolis Condo

A Downtown Indianapolis condo is a form of a house that resembles an apartment but is owned by the individual. The access to the common facilities falls under the legal rights associated with individual ownership. This type of housing is controlled by the Home Owners Association, representing joint ownership.

It’s necessary to learn everything you can before purchasing a condo about the Home Owners Association. Before any purchase, buyers should ask about the terms. Each association has its own rules and regulations in terms of noise, pets and so one. Be sure that you can comply with the set rules.

Also, it is important to know the amount you need to pay for maintenance and other fees. The Association should furnish you with financial statements for you to review before you make a final commitment.

Important Things to Consider

• During the inspection period, buyers are supposed to have all the financial documents of the Home Owners Association. Make sure that you get access to these documents. If you need any help, ask your real estate agent.
• Ensure that you get all the documents in good time. Financial documents often arrive incomplete a day to two before closing, giving you little time to study them and make a good decision.
• Two thirds of the association’s budget should be operating expenses like water, power, maintaining the elevator and landscaping. If the expenses exceed this, it is important to find out why this is the case.
• Note the monthly dues you are charged for the Downtown Indianapolis condo. Consider all of the long-term replacements and repairs and then add up the total costs. The monthly dues charged should be a reflection of the amount needed to take care of these expenses.
When you find the right Downtown Indianapolis condo from the right Indianapolis Home Owners Association, you have found yourself a good deal.