Costs Associated With Buying an Ocean Club Condo in Atlantic City
There are numerous advantages to living in a condo, especially if you choose Ocean Club Condominium in Atlantic City. Since the owners collectively form the condo association you as an individual are not responsible to maintain the exterior of the building, the grounds, landscaping, common areas such as pool, gym, lobby, social rooms and other amenities. These are all maintained and paid for by the association which receives monthly condo fees from each owner. There is a definite value and peace of mind in knowing that when you leave your unit there are people taking care of the building. Ocean Club is very unique and offers amenities not included in any other building on the island. A tennis court and extra parking for you and your guests are great features to have especially for a summer resort. For year round and week end residents there is an indoor pool staffed by a lifeguard and includes water aerobics. Ocean Club Condominium is truly New York on the Beach! However, before you buy a condo in Atlantic City, you need to ask a few questions.
As you prepare your budget, know that there are many costs that require consideration in addition to the total cost of the condominium. Ask about the condo association fee that will be charged every month. It is also prudent to contact management to determine if there is currently or a planned assessment for any of the common areas. It is wise to obtain the minutes from the last 2 or 3 board meetings where you might learn of possible assessments being discussed to maintain the building. These are added expenses that will be charged over and above your monthly mortgage. It is important to let the mortgage company know about these charges, since they will be calculated within the mortgage amount.
Also, be sure you do not neglect the fine print. Many people just skim over the documents and sign, but this is one of the major points that should never be ignored. Whether you are buying or leasing a condo be sure you receive and have several days to review the rules and regulations related to your Ocean Club condo or any condominium you intend to occupy. When purchasing a condo you must receive the condominium documents which include the master deed and any amendments so you are fully informed. You should be given five to seven days to review the documents and have the option to cancel the contract if you disapprove of the any of the provisions. Learn the do’s and the don’ts that are related to the condo you seek to purchase. There are different rules for different condominiums; you can ask the people already living there for their experience and insight that you can’t gather from just paper work.. Not only will it help you meet your neighbors before you move in, but it will give you an idea of the demographics of the community.
It is best to hire a real estate agent to help you sell or buy an Ocean Club condo in Atlantic City, since they can represent you at each step and help you negotiate a good deal. They have more knowledge and experience in completing the process, which will most likely include and paperwork galore. If you are short on time, hiring a reliable Atlantic City REALTOR® is your safest bet.
Ocean Club Condo Atlantic City – Linda Magarick has been listing, selling and renting Atlantic City and Ocean Club condos in southern New Jersey for over 25 years. Linda also owns and lives at Ocean Club Condominium. She has the experience and knowledge to help you in either buying or selling at the shore. For more information about available properties, rentals and listings, call Linda’s cell # 609-226-3775 or visit Linda’s web site.
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