Condo Buying Tip List

Things to consider when buying a condominium:

  • Number of units in complex?

  • Percentage of owner-occupants?

  • Percentage of unsold units?

  • Monthly homeowner association dues?

    • What do dues cover?

    • How often have dues been increased?

    • Any anticipated increase in dues?

    • How many homeowners are delinquent in paying dues?
 

  • Is there a fee for transferring association membership?

  • What does homeowner's association insurance cover?

  • Will you need additional insurance coverage?

  • Is homeowner association professionally managed?

  • Amount in the association reserve account?

    • Any large expenses anticipated?
 

  • Is homeowner association professionally managed?

  • Amount in the association reserve account?

  • Any large expenses anticipated?

  • Is the association involved in litigation (status and likely resolution)?

  • Are pets allowed?

  • Can you rent your unit out?

  • Are there restrictions that´ll cramp your style?

  • How many parking spaces are included?

  • How many storage spaces are included?

  • What common facilities are included?

  • What do current owners like best about the complex? (Interview current owners).

  • What do current owners like least about the complex?

  • How is the soundproofing?

  • How are water pressure, heating systems, etc.?

  • Does the developer have a good reputation?

  • Are sales prices going up or down?

  • How active are sales?

  • Attend homeowner´s association meeting.

  • Review covenants, conditions, and restrictions.

  • Review bylaws and articles of incorporation, or have an attorney review them.


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