Lowell, MA - Buying a Lowell loft, Lowell townhouse or a Lowell condo is a great option for people seeking maintenance free living. A condo can provide the benefits of not worrying about the lawn or the snow removal, all the while having other people around in the complex who you can meet and socialize with. Having neighbors who all share in the ownership also brings shared responsibility by the condo owners. Here are a few things you want to know before you buy a Lowell Loft, Lowell Townhouse or Lowell condo.
1. Who has the power in your new Lowell condo? The trustees you elect have power over the day-to-day decisions regarding the maintenance of the property. This can be good or bad. If you have over-zealous trustees then it may result in jobs, tasks or expenses that you may think are too extreme. Conversely, if you have un-responsive trustees you may find they are not keeping up with the association. Tip: Ask neighbors about the trustees to see if they are engaged and how they get along with them.
2. Why are the condo fees in Downtown Lowell so expensive? In Lowell, many condos have higher condo fees and clients often ask why are fees are so high on certain Lowell Lofts, Lowell Condos or Lowell Townhouse. The answer is it depends on what it includes. Typically the condo fee will include water, sewer, insurance (check if it includes flood insurance) and a management company or maintenance items if it is self managed. Additionally, some condos also include utilities which will add to the bill. Tip: Look for self managed properties to keep the price down.
3. What is the owner occupancy rate of my new Lowell Loft, Townhouse or Condo? Often times it can be hard to get financing from a traditional lender for a Lowell Loft, Lowell Condo or Lowell Townhouse, because the condo owner occupancy rate may be too low. Often times one person may own multiple units or too few owners live at the property, so traditional lenders will not finance the loan. Tip: Check the owner occupancy rate to see if you can buy.
4. What is the Budget like in this new Lowell Loft, Lowell Condo or Lowell Townhouse?
You need to see the condo budget and financials to get an understanding of how the property is doing financially. Find out if the condo association created a budget last year. Ask the association if if there are any special assessments expected. Note: Special assessments are additional expense for improvements or major repairs. Tip: Get this information as soon as possible so you can get a sense if the condo fee is likely to go up in the near future.
5. Is anyone paying on time? What is the delinquency rate
How is the condo association dealing with owners who are delinquent on their fees, and how many are actually delinquent? Tip: Find out the delinquency rate up front, because many financial institutions will not approve mortgages for buildings with high delinquency rates.
6. What Other Condo Information do I need for my new Lowell Loft, Lowell Townhouse or Lowell Condo.
Request a copy of the condo association’s insurance policy to learn what is covered. Request a copy of all condo meeting minutes to get a sense of what the residents are talking about.
You can call Doherty Properties at 978-746-0124 to learn about selling or buying a Lowell Loft, Lowell Condo or Lowell Townhouse. You can also email us at [email protected]
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