Condo Considerations for Millennials

Posted on: November 27, 2017 by Fieldale Insurance Agents

Saving for a down payment for a home is daunting. Ask any millennial when they plan on owning a single-family home, and chances are, the goal is not within reach for at least 5-10 years. That doesn’t mean that these young professionals have to forego home ownership altogether, though. Purchasing a condo can be a great starter home without the overwhelming burden of home ownership responsibilities. With this in mind, prospective buyers should keep these things in mind in addition to making a decision that’s both financially savvy and practical. Wherever you end up, secure your new place with a Martinsville Condo Insurance policy.

You can’t use your parking space for storage.

Even if you choose to Uber or bike to work and to local shops, that doesn’t mean you can use your owned parking space for storage. In fact, many condo associations prohibit the use of open or enclosed parking spaces for being used as anything other than a car park.

There are enforced quiet hours.

Most condo rules specify that between certain hours (generally 10 p.m. and 8 a.m.), occupants must not interfere with other owners’ quiet enjoyment. It’s important, particularly if you’re sensitive to noise, to understand how the building was constructed. Is there concrete between the floors, or is it all wood? How well does noise transfer? This is one important rule both noisy and noise-sensitive folks fail to consider before embarking on condo ownership, explains Zillow Porchlight .

Pet restrictions.

Pets are family, so it might be a difficult blow to your plans if you find out late in the game that your dog or cat won’t be allowed in the condo. While it’s not legal to completely ban all pets, many condos have restrictions on breed, weight and size. For this reason, you’ll want to ask ahead of time if the association you have is Fido-friendly.

Rental restrictions.

Allowing too many rentals in the condo building hinders prospective buyers from getting loans. For this reason, if you’re looking to sublet your condo or make some fast cash from vacationers, this might put a halt to your plans. Research the rules for rentals and how they will impact you, depending on how you plan on using the condo.

Know the restrictions.

From rental rules to restrictions on pets and storage, there are plenty of considerations to make before buying a condo. Be realistic with yourself about what is feasible for your lifestyle before signing on the dotted line.

About Fieldale Insurance Agency

At Fieldale Insurance Agency, we understand the risks that you face as a driver. Our comprehensive auto insurance policies are written specifically with you in mind in order to adequately protect you, your vehicle, and your passengers. To learn more, we invite you to contact us today at one of our two locations.

Fieldale (276) 673-6701
Martinsville (276) 632-3451

Posted in: blog Condo insurance

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