Things to Consider When Buying a Condo
When purchasing a condo, request a copy of the master insurance policy to find out what it covers. After determining what the master policy covers, contact your condo insurance in Massachusetts agent to purchase any additional financial protection you desire that is not provided in the master policy. You are likely to want insurance coverage for your personal possessions and financial protection in the event the interior of your condo is damaged in an accident or disaster.
You may want to find out what the monthly condominium fee will be and what that fee pays for. It is important to know the condo fee when considering your monthly budget. Obtain a complete list of the condominium rules. You may want to know what kind of interior renovations you are permitted to do, whether or not you may rent your condo out, and if pets are allowed in the condo.
It is important to read and understand your condo association’s by-laws. Should you have difficulty understanding them, consider consulting an attorney. Depending on the by-laws, your condo association may be financially responsible for the structure of the building only, or the association may be responsible for fixtures and appliances as well. This is information you need to know before contacting your condo insurance in Massachusetts agent to purchase your policy.