Vertical Living
Consider Your Use
An important factor to consider before making a decision to buy should be how you intend to use your residence. Are you purchasing a luxury condominium as a primary residence or a second home, or do you intend to make it an income-producing property by renting it out? Whichever the case, ask about any investor and/or rental restrictions. It is also wise to inquire about any potential resale restrictions or guidelines.

Understand What You Are Purchasing
From “designer ready” units with bare floors and white walls to fully furnished and decorated, each condominium project offers different finishes and upgrades. How ready is ready? Every purchaser’s expectation is different and make sure you leave no room for surprise when you take possession of your new residence. Ask if the residences are completely finished or “designer ready”? Are appliances included? Are upgrades available? If so, what are the additional costs associated with those upgrades and how long do you have to make your selections?

Learn Purchasing Process and Options
Any major purchase can be confusing and somewhat intimidating. Get a clear understanding of the purchase process by asking questions. Is the developer simply taking reservations or are they going straight to contract? Ask for clarification about deposit requirements and determine if your deposit earns interest. Take into account the specific timeframes as they relate to your due diligence, rescission period and close of escrow. In addition, ask questions about whether you can close your property as an LLC or trust vs. an individual. Understand your financing options including 1031 exchange, self-directed IRA, cash and bank financing. Clarify what other fees need to be considered including closing costs, monthly homeowners association dues, additional assessments and estimated taxes.

Turn to the Professionals
Remember, you don’t have to navigate the decision-making and purchasing process alone. Consult your team of professionals (i.e., CPA, real estate agent). Consider having a real estate represent and assist you through the process. There are numerous resources and referral services available to put you in touch with a real estate or financial services professional.

   
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