When you have raised your children and they have left home, you’ll find that all those empty bedrooms are no longer an asset. You begin to think of moving to a smaller house. No matter the type of house you decide to move into, your insurance needs cannot remain the same. Here are a few tips on how to make the most of your move.
If you decide to move into condominium, be sure to understand all that it entails. You get sole ownership of your unit and a percentage of the general area. Get an attorney to help you review the documents that contains the terms of reference. They would include the following:
o Master deed
o Rules and regulation
o Bye laws
o Master insurance policy
o Financial statements
It is very important that you read and understand the fine prints of the documents. That’s really why you need a lawyer. There’ll be important questions that the documents would answer.
Issues like
o How are trustees chosen?
o How large is the operating budget