If you have ever considered buying a condo in Northridge, then it may be surprising to find out that there are several factors you need to put into consideration. Condos are quite different from other residential homes, especially since you are likely to have an adjoining wall with your neighbors, including other physical elements that are different from your freestanding home.
The process involved in obtaining single-family homes in Northridge also differs from that of a Condo. To determine if you prefer a condo lifestyle, you need to understand the differences between living in a condo from living in a single-family home.
Before we go further, there are certain questions you need to ask yourself, especially when looking to buy condos in Northridge. This includes questions like;
- Are you the condo type?
- What exactly does a Condo mean?
Today most condos are located in urban areas and springing up in urban downtowns. Some condos are even found next to areas of development and items of convenience like the grocery store, bank, etc.
However, this convenience may also bring extra noise and congestion. So if you want to buy condos in Northridge, check the area out during the day and at night.
This will help you analyze how loud or bright the environment can be. If you are not comfortable with the noise and lighting, consider looking into other choices that might be most suitable for you.
One of the benefits of owning or acquiring a condo is your membership in the Homeowners Association (HOA). This provides a list of declarations of covenants, conditions, and restrictions a homeowner must abide by in order to live in the condo owner.
One of the most important reasons you need to buy condos in Northridge is the protection you can get from the HOA meetings. However, if you find out that you can not abide y the CC&Rs, then buying a condo might not be the best for you.
You can talk to your neighbors to know how happy they are in regards to the management of the condo. Ensure that you review the bylaws to find out what the HOA covers.
You can also obtain minutes from the current board and member meetings to find out how rapidly the HOA dues have increased in the past few years. By searching through the board’s litigation history, you will find out more about their taxes.
You may also find out that there are pending lawsuits that you do not want to be a part of when you buy these single-family homes in Northridge. This is because some condo associations have been forced into bankruptcy due to some unpaid HOA.
- They have the potential to appreciate
- They do not involve extra condo charges
- It has rent limitations.
- It does involve outside restrictions on use.