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Buying a Scottsdale condominium (or condo for those hip to the lingo) has always been very popular in Arizona. There are many perks with condominium living, and the low maintenance lifestyle and associated amenities appeal to a large variety of potential home buyers. Currently there are over 1,400 condos and town homes available in Scottsdale. With today's market conditions and low interest rates, there has never been a better time to consider purchasing a new condo in Scottsdale, AZ. But before you take the plunge, take the time to review our 7 buyers tips in preparation of starting your new home search. 1. Homeowners association dues (HOA, or Strata fees for those from Canada) are common place for those who purchase condos or town homes in Arizona. As a buyer you need to be aware of what these fees include. In most cases HOA dues include: water, sewer, trash, roof repair, roof replacement, exterior maintenance of the unit, common area maintenance and a blanket hazard insurance policy. In some cases your HOA fees could include cable and electricity. Be sure you know what your HOA dues include before purchasing your condo so you can budget accordingly. 2. Be sure to call the Homeowners Association prior to writing a contract on a potential property and inquire about the state of the "reserves" for the community you're interested in. If the association maintains adequate cash reserves you are less likely to be hit with a special assessment fee when the time comes for units to get new roofs, paint, or streets repaved (if the complex is gated). While you're at it, inquire as to whether there are any special assessments due, or if there are any known assessments that will be levied in the future. This could be material in your decision to write an offer on a new condo or town home. 3. Take the time to consider whether you would like a ground floor or upstairs unit. If you're an investor with intentions of leasing the condo, consider buying a unit on the ground floor. Many potential tenants either physically can't walk up stairs, or would just prefer not to. If you're just looking for a nice unit to enjoy, consider buying an upstairs unit. Upstairs units often have nice vaulted ceilings, and you won't have to listen to homeowners walking around above you. Also, be aware that if you purchase an upstairs unit, the Covenants Conditions and Restrictions (CC&R's) may prevent you from putting in that beautiful travertine or wood floor you have been dreaming about (due to noise concerns for the occupants located below the unit). 4. Most condos in Scotttsdale include one covered parking space, and a common parking area for additional vehicles. If you have a shiny new car you may want to consider a town home with a garage, 24 hour guard-gated community, or at the very least a gated community. These amenities usually come with a cost in the form of higher purchase prices or increased HOA dues. For those on a budget, consider a community that is not gated. 5. If you're a pet lover, check the CC&R's prior to writing your purchase offer. Many complexes have rules regarding the type of pets allowed as well as weight and size limitations for animals such as dogs. 6. Scottsdale condos and town homes offer a wide selection of amenities. It's not uncommon these days for complexes to not only have pools and spas, but business centers, fitness centers tennis courts, concierge services, movie rooms, bike rentals, video game rooms, billiard rooms and much more. Be sure to have your REALTOR find the complex that best suits your needs and lifestyle. 7. Always have a professional home inspection performed prior to the end of the inspection period. Not only does this give you peace of mind regarding your investment, but also gives you an opportunity to have the seller repair any defective items prior to the close of escrow. In addition, it's always a good idea to verify that your home inspector carries the ASHI designation.
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Barry Cox is a Scottsdale REALTOR who has lived and worked in the Scottsdale metropolitan area for over 11 years. Barry enjoys working with a select number of clients who are interested in purchasing or selling Scottsdale real estate and Scottsdale homes for sale. Barry specializes in areas such as Grayhawk, Troon North, and DC Ranch real estate.
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