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What to Consider When Buying a Condo for the First Time

Lake Chelan condos are always a great investment – but as with any major purchase, you’ll want to tread with a bit of caution.

That’s why we recommend working with a real estate professional before making an offer on Lake Chelan condos for sale. We can help you determine whether or not a unit is the best choice.

Here are a few things to consider when buying your first condo.

Location

Real estate is all about location and condo purchases are no exception. In fact, what makes condos so appealing is that they’re often conveniently located – imagine living within walking distance of shops, restaurants, and main attractions.

In Lake Chelan, condo living brings you close to the water, which translates to fantastic views and countless opportunities for outdoor recreation.

So when it comes to this corner of Washington, choosing is truly the hard part.

Lifestyle

Buyers are drawn to condo living for the lifestyle it represents – for some, it presents the opportunity to downsize and go minimalist while others see it as a way to live closer to amenities like shops and restaurants.

Buying a condo in Lake Chelan certainly gives you access the ultimate vacation lifestyle. If you’re looking for a fun but peaceful environment where you can enjoy boating, fishing, and other lake activities, this is the place for you.

Rules and restrictions

Condo buyers are typically presented with covenants, conditions, and restrictions (CC&Rs) upon purchasing a unit. CC&Rs come in document form and contain information about the use, maintenance, and appearance of residential units, shared areas, and other aspects of the community.

The rules and restrictions vary with each building – some condos may allow pets, for example, with restrictions on size and breed, while others may prohibit pets altogether.

CC&Rs may also contain restrictions on renovations and improvements to protect the character of the community.

Declaration

The Washington Condominium Act mandates condo associations to publish a declaration containing key information on a condo building, including number of units, number of parking slots, and other aspects of the community.

This will help you determine housing density as well as what to expect in terms of foot traffic, noise levels, parking spaces, and more.

Resale certificate

Sellers must provide a resale certificate containing information on the condo association’s current budget, emergency reserves, ongoing litigation, and more. The resale certificate will help you anticipate any potential problems with condo ownership in the community.

Ideally, you should be able to gain access to all the documents that the developer gave the original unit owner upon purchasing.

HOA fees

There’s also the matter of homeowners association (HOA) fees, which are monthly fees that go towards the costs of operating and maintaining the condo building.

HOA fees typically increase each year so it is important to make projections and factor those into your expected monthly budget, along with mortgage payments, utilities, and various home-related expenses.

Minutes of the meeting (MoM)

How does the HOA resolve disputes and complaints within the community? How well do they manage the condo’s funds?

The minutes of meeting (MoM) should give you an idea – this document covers all the discussions that have taken place between HOA members and the concerned authorities.

Before making an offer, Realtors suggest requesting copies of the MoMs from the last few months. This will help you pinpoint any on-going issues in the community as well as get a feel for the leadership of the building.

Ready to find the perfect condo in Lake Chelan? You can reach Coldwell Banker Lake Chelan Properties here. You can also contact us at 509.682.7777 and Info(at)CBChelan(dotted)com. We can’t wait to hear from you!