Have you recently decided to shift to Notting Hill? Then that’s great news! But, if you’re planning to permanently stay, it’s time to pick one of the gorgeous Notting hill condos.
Now, when it comes to your home, rushing can be a bad sign. After all, houses are meant to be places of security and warmth. So, before you go off to pick the condo of your choice, here are 6 questions that you must ask before purchasing a home on Notting Hill –
- Are the condos co-ownership divided or undivided?
In a condo, a divided co-ownership means that each condo is separate from the other with its own cadastre number. This type of condo sits between various other homes in a locality.
However, in the case of undivided ownership, the string of houses has only one cadaster number. The owner can later convert it to co-ownership while selling one of his condos. In case of purchase of a divided condo, one needs a minimum down payment of 5% while in case of buying undivided condos the down payment required is 20%.
So, depending on the type of home you want to verify this necessary fact before picking your home from the Notting hill condos.
- Are you comfortable with the declaration of co-ownership?
The document of co-ownership puts forward certain rules counting the co-ownership fees. This document states the lists of responsibilities you are to possess as a co-owner. For example, do you have the right to hang a clothesline or not.
Additionally, this document states the relative value of each section, constituting act, the cost of your fraction while weighing the condo etc.
So, ensure that all the documents provided are comfortable with you before you end up picking your condo.
- Does the contingency fund provided satisfy you?
The contingency fund is the portion of the fund kept aside by the co-owner for future use. The contingency fund states usually include money for conditions like house repair. For example, fixing a broken window or redoing a roof.
So, while selecting your home from amidst the Notting hill condos pick one which provides sufficient contingency fund.
- What are the available taxes and insurances?
While selecting your condo in Notting Hill, know the tax and insurance policies in detail. If you’re to pick an undivided co-ownership the tax levied will be considerably lower as the government will see the ownership as a whole.
However, if you’re going for a divided ownership, then you will be levied individual taxes on the condos. Further, when it comes to insurance, undivided owners require insuring the whole building jointly and share the insurance policy.
- What about renting the condo?
Before buying your home from the long list of Notting hill condos, ask yourself if you would lie to rent the property in future or not.
In the case of undivided co-ownership the renting of a property isn’t allowed as per protocols. But, in the case of a divided ownership, you can rent out your condo at your wish.
So, now that you know the correct questions to ask, hurry find your best pick form the Notting hill condos.