Condo Life: Agent makes high-rise buying less complicated

There are many additional factors to consider when buying a high-rise property. There are many additional factors to consider when buying a high-rise property. Photo: Courtesy Of Patrick Bertilino Photo: Courtesy Of Patrick Bertilino Image 1 of / 3 Caption Close Condo Life: Agent makes high-rise buying less complicated 1 / 3 Back to Gallery

If you are looking to purchase a condominium, being prepared on all fronts to not only get the best deal, but also a home that suits all your needs and desires, is the goal.

With a real estate agent helping locate the property, the next step is working with an on-site agent, who can provide additional insight into the possibilities that await living in a high-rise.

According to the YPNLounge.org article, Tips for Buyer's Agents on Condo Deals, agents and on-site agents can share valuable, minute details that condo buyers need to know.

Getting settled in a high-rise starts with knowing the financial aspects that go with living in a shared building with HOA fees and financing.

Also, is a high-rise going to fit your lifestyle? Does it have the amenities you need, accept pets or offer garage parking and concierge services? These types of questions are where your agent and an on-site agent fill in the gaps, and get you to a happy place.

Having a buyer's agent can be beneficial to work with the on-site agent to ensure all transactions run smoothly, and all questions are answered during the buying process.

Robin Van Zant, Realtor associate, Better Homes and Gardens Real Estate Gary Greene, explained that if you have purchased a single-family home, the process for acquiring a high-rise is similar, but with additional factors to consider. With an on-site agent, the two can work together.

"The agent is also responsible for keeping up with contractual deadlines including building-provided document delivery, and assisting the lender with questions that may arise," Van Zant said. "A buyer's agent can provide lists of questions to the on-site agent that the buyer may have considered to avoid issues moving forward."

Questions also arise when it comes to building operations and general maintenance, which a new condominium buyer might not be aware of, Van Zant added. Maintenance fees may include buildings and grounds, concierge, recreational facilities, trash, valet, water and sewer. Others include basic cable and electric. All items listed vary in each building.

"In my experience, most buyers really need guidance on understanding building maintenance fees and which items are covered, the types of future repairs they will be responsible for, and insurance coverage requirements for a condo," Van Zant said.

With new construction, according to Realtor.com's report, Should You Go It Alone When Buying from a Home Builder, the realtor and on-site agent can work together in negotiating extras such as upgraded appliances, recommending financing and overseeing the final inspection.

They also can finesse the details to ensure the best property for the client.

"The Realtor and on-site agent may also assist the buyer in selecting finishes and any plan modifications," Van Zant said.

Overall, it's good to have help on both ends.

"The agent will need to speak with the management company, review condo docs, and communicate with the listing agent. Obtaining answers to these questions up front avoids potential pitfalls and future complications in the purchase process," said Van Zant.