Thinking of buying a condo?
Here are a few tips!
- Fireplace? Is it gas or wood burning?(wood burning are harder to maintain and messier)
- Bathrooms? How many? How big? Two full baths is a large selling point
- Parking spaces? How many? How about guest parking for those of you who like to entertain
- Amenities: Does it have a pool, health club, club house spa? Will you actually be using them?
- What are your common-area costs? Are they realistic or can you expect them to rise?
- Is there is a view? Is it guaranteed? Check with your Realtor and the city to determine the appropriate zoning,etc.
- Who built it? How is their reputation? How old is the building?
- What is the foreign-investor component of the building or the pre-sale mix? Too much offshore can signal a risk. Such foreign investors are usually most pragmatic and more willing to take a loss than an owner.
- Is the building secure? Are the patios and or first floor condos units secure? Also, units near the stair wells make it easier for a burglar to escape.
- Always ask to see a copy of the buildings financials and minutes. Are there any strange expenses?
- Meet the property manager to determine how responsive they are.
- Check the reserve fund and for signs of a future assessment.
- What kind and how much insurance does the association carry? What does it cover? Better yet what doesn't it cover?
- Check with the property manager to determine what the delinquency rate is on association dues. If many residents aren't paying their fees in a timely manner something may be amiss.
- Does the board expect any special assessments in the future?
- Talk to the residents find out how they like living there, what if any complaints they may have
- Ask your Realtor for demographics on the building
- Always throughly review the CC & R's
- Do you have pets? Can you at this place?
- If you are a investor determine the rental policies of the association. Determine how much you can rent your unit for.
- Look for a unit with a high percentage of owner occupied as opposed to tenant occupied units.
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