Congratulations! You're in the market for a luxury condominium. Whether this is your first condo or your 10th, if you don't do it often, it's a good idea to take a refresher course in buying a condominium, specifically a luxury condo. Palm Desert and Palm Springs has a variety of luxury condo buildings and options in downtown and surrounding communities. If you're planning on buying a luxury condo in Palm Desert, here are some tips to keep in mind.
#1. Use an agent that is proficient in condominium purchases.
At Ronald Christopher we know Palm Desert real estate and specifically Palm Desert condos. We can help you find a luxury condo in your real estate market, within your budget, and with the amenities that you need. Purchasing a condominium is slightly different than a single-family home and there are covenants, conditions, and restrictions that need to be reviewed, certain property taxes and homeowners dues calculated, and the layout is slightly different when it comes to purchase and sale contract. Verifying that your agent understands how to purchase a luxury condo in Palm Desert is essential.
#2. Check the restrictions.
As I just mentioned, the CC&Rs stand for covenants, conditions, and restrictions of the building or complex. It's important that you understand all of those details before you agree to live there. There may be restrictions on pets, noise, age limits, how many people can live in the unit, or other conditions. You'll need to agree to these terms in order to purchase the condo, and while you can make an offer on the deal, you can always make a contingent on those conditions. If something in the conditions does not sit right with you, you may be able to back out of the deal.
#3. Do you approve of the common areas?
Common areas are any of those spaces that are shared by other unit owners or tenants. Do you approve of those common areas? Can anyone just camp out in front of your front door? Are there restrictions to access to the lobby and security entrances? What are you looking for in a condominium and how do you plan on living there? The common areas may dictate this.
#4. Do you approve of the parking?
Downtown luxury condo buildings may have limited parking so if you have several vehicles, make sure that the building or complex can accommodate them.
#5. Choose an inspector that is well-versed in condo inspections.
Condominiums need different types of inspections than single-family homes. They may ask about the structural integrity of the property but that's really the responsibility of the condo association. The owner's responsibility is everything inside including wiring, plumbing, walls, and other details. Make sure that the inspector understands the nuances of a condominium versus a single-family home.
#6. Does the Association keep enough reserve funds?
There is nothing more frustrating than purchasing a luxury condo in Palm Desert only to discover that now you have a million-dollar assessment that will be split up among the condo owners. You now have to come up with additional fees for your association costs and dues until a certain assessment is paid off. If the Association has proper reserve funds, you may not need a special assessment keeping your homeowner association dues lower. Ask about the health and integrity of the Association and their treasury fund before finalizing the sale.
#7. Review the property management company.
Does the building require its own property management company or is it controlled and operated by owner-members? Do you approve of the way the Association is run? Ask other condo owners for their opinions and viewpoints on how the Association is run. Do they like it? Are there any issues? Do fees go up dramatically? Ask about who's in charge of maintaining day-to-day operations. Choosing a luxury condo in Palm Desert is a great step and a low-maintenance one but you do have additional fees such as association costs and potential insurance. For a list of luxury condominiums and townhouses or detached condos (a favorite in our area) in Palm Desert and Palm Springs, contact our office below. We love to help you find the perfect luxury condo for your needs.