Get a copy of the most recent statement to check what kind of financial shape they're in. Particularly helpful if there are extensive common areas.
This x 10000.
Do the research on the association your condo or townhouse belongs to. Seriously, a poorly managed or corrupt association/ board can fuck your world up. The board and association are obviously two completely different things but they both fucked my wife and i and many others in fort lee. I Won't name the buildng....That doesn't mean you're getting yourself into a bad place but just do a little digging. Ask questions. Find out about the board, its members and the mgmt office.
For a condo/townhouse is known as a Dwelling/Condo Policy. In NJ you’ll be seeking a HO-6 Condo Insurance Policy. I’d recommend you also add on a Supplemental Loss Assessment Coverage Endorsement which covers you in case there is a single event Assessment put in place by the HOA/Condo Board. The extra coverage is about the cost of a lunch per year.
Also - as a first time home buyer - I recommend you get a will in place for yourself and wife.
with the insurance. Insurance has a different definition than realtors between a Townhouse and Condo. A Condo is where you own the interior walls on in and therefore requires an HO6 as stated above. However a Townhouse is where you are also responsible for the exterior of the unit and requires an actual homeowners (HO4,HO5 or HO7 depending on the carrier). It is important to understand the distinction. In either case always buy the maximum amount of "Loss Assessment Coverage" which is $50,000.
Realtors often define a Townhouse as a multi story unit where the say a condo is one floor. This is regardless of the style of ownership.
If you want an insurance proposal contact me at gabe@franchinoagencyinc.com.
PURCHASE INSURANCE
There are 2 types of insurance necessary to purchase:
Title Insurance
and
Homeowners Insurance
Speak with your attorney for a referral for both if you haven't already.
Also, the Condo Association probably has monthly common area maintenance fees- make sure you understand these before purchasing.
Real Estate transactions are a breeze in NJ compared to NYC.
This x 10000.
Do the research on the association your condo or townhouse belongs to. Seriously, a poorly managed or corrupt association/ board can fuck your world up. The board and association are obviously two completely different things but they both fucked my wife and i and many others in fort lee. I Won't name the buildng....That doesn't mean you're getting yourself into a bad place but just do a little digging. Ask questions. Find out about the board, its members and the mgmt office.
Also - as a first time home buyer - I recommend you get a will in place for yourself and wife.
Realtors often define a Townhouse as a multi story unit where the say a condo is one floor. This is regardless of the style of ownership.
If you want an insurance proposal contact me at gabe@franchinoagencyinc.com.
Good Luck!