The abundance of prominent universities such as, Yale and Wesleyan, provide Connecticut’s real estate market with many eager post graduates searching for their first large purchase—a condo. The promising proximity to New York and the scenic fall foliage are just a few reasons these graduates choose to stay in the region. Although owning a condominium seems more manageable than owning a single family home, first time buyers need to be aware that there are still risks and concerns. It is never good to be impulsive when buying a large investment. Here a few things to consider before you cross your T’s, dot your I’s and look into an Connecticut condo insurance program.
HOA Fees. Although insurance covers the common areas such as, a lobby and pool, it does not necessarily cover your own individual unit. Read the contract thoroughly and if possible, hire a real estate agent that can interpret any real estate vernacular you are not able to comprehend. With your agent, compare these HOA fees alongside other similar developments around the area and make sure they are equitable.
Location. Similar to a house or any other property, location is crucial. Not only do you have to enjoy the location of your unit, but you need to also consider the resale value. Look into the community and evaluate it from everything to schools, new construction, parks, crime rate, etc.
Condominium’s Association. Purchasing a condo unit is not as simple as purchasing a single family home. When you purchase a condo, you are also purchasing part of that complex. Ask questions or hire a lawyer to assist you in reading over an association’s bylaws.
Maintenance. Will you be responsible for its maintenance or is that being managed by the association? This is a crucial question and may hurt you later on if not specified.
Once you make the decision to purchase a condominium in Connecticut, you want to make sure you invest in comprehensive Connecticut condo insurance coverage to protect your investment. Byrnes Agency can help you with everything from determining the preferred amount of personal liability coverage to include in your policy to extended replacement cost coverage to cover the full value of your personal property. Contact us today for more information about out Connecticut condo insurance programs.