When the idea of a condo was just devised, it was thought of to be a home that attracted only singles or couples, who were often without children No, however, condos are growing in both popularity as well as preference, and are particularly desired by people with large families.
If purchased by the right buyers, condos can be an excellent choice. Spacious, gorgeous and over- looking a gigantic sea, Malibu condos is the next big thing. However, there are a couple of things you must take into consideration before purchasing a condo in Malibu. Here is a list of 5 such things:
What are the biggest complaints regarding the Malibu Condo?
What issues are people raising? What are their biggest challenges and complaints? What gripes are they trying to air at, at the condo board meetings? Involve yourself in the discussions and debates of the last few meetings, talk to past owners as well as current owners, read some testimonials etc. If the association with which you are planning to buy the condo does not believe in quick fixes, it is not worth it.
What’s the management team handling your property and associated documents like?
You have to, without question, interview the condo manager or the person in-charge who is there full time. Talk to your neighbours about the management as well, because a lousy, loose manager who is unwilling to work can make living in a condo a gruelling experience.
While most Malibu houses or condos do have a managerial team looking after it, some condos manage themselves, without any administration handling papers, meetings etc. The upside to that is that you get sufficient self-control to manage things the way you want to, and do not have to worry about who is saying, thinking or doing what. It also helps you connect with your immediate surroundings and build a healthy relationship with the community that you are living in. It also gives you your own sense of space and freedom.
Check the storage space available.
Some condos offer personal storage space, although it is very less likely that the condo will come with an attic or a garage. You might have to use an additional room for your stuff, and that might be a bit of a problem. Ask if there is sufficient space for your cars, your bikes, your adventure gear, your suitcases etc.
What all is included in your condo insurance?
It is very important that you catch hold of a copy of the condos insurance policy and know what exactly is covered, including the costs of bringing the building up to code. Also, ensure that whatever estimates are being handed out to you are accurate, and are neither out dated nor minimized. Another important thing to take care of is the fact that whether or not the insurance policy will cover personal damages like roof leaks, bathroom damage etc.
Check if you will have to move in the next 3-5 years.
Condos in Malibu mature and appreciate at a much slower pace than single-family homes, and considering how real estate is not doing too great these days, it may take some time for you to recover your investment.