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CONSIDERING A CONDO?
June 18th, 2017 3:15 PM

Barbara's Blog:

I tried to post my Blog on my usual day (Tuesday) last week, but since we were on the road, it simply would not work from my I-Pad.  So here you go, with one post now and one later this week.

If considering the purchase of a condominium, a buyer should take the time to research the community, talk to the residents, review the condominium documents and study other data to answer the following questions:

1.  What is the condition of the unit, the building and the entire complex?

2.  Are common areas well-maintained?

3.  How many condos are for sale?  A large percentage could be a sign of problems.

4.  What percentage of the units are owner-occupied?

5.  How much are the condo/association fees and what do they cover?

6.  Does the association have adequate reserves for emergencies and renovations?  If not, you could face a special assessment.

7.  Are there pending lawsuits against the association or judgments you might have to pay?

8.  How much outstanding debit does the association have?

9.  What percentage of the units are in arrears on their dues?

10.  What is the neighborhood like?

11.  Does the unit come with reserved parking?  Is there adequate parking for guests?

12.  Is the association managed by a qualified professional company?

13.  Does management handle owners' requests and complaints quickly?

14.  Do association rules limit your ability to rent the unit?

15.  Will restrictions prevent changing visible elements such as the color of the front door?

Many people look to either downsize to a condo or have one as a second home, so being fully educated on what to ask or research will be helpful in making the right decision on where to purchase. 

Written by Barbara Doeringer


Posted in:Real Estate
Posted by Allen Doeringer on June 18th, 2017 3:15 PMPost a Comment

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