Here is a list of questions usable to ask when searching for a condo/townhome to purchase or invest in...

1. Are there any current assesments in place or planned for the near future?

-Will there be major assessments to cover painting, a new roof, updating the lobby, etc. What about any increases in the maintenance fee to cover any increasing costs for the standard items? Always request to review the homeowners association budget.

2. Is there a washer and dryer in the unit?

-If not, inquire to see if one could be installed or if the plumbing in the building is even adequate to handle such an addition. Even if the building can accomodate the additional plumbing line, it pays to investigate the association's policies.

3. If you plan to purchase the unit as an investor, be aware of the rental laws and regulations.

-It is said to be a 30-Day minimum rental. Some buildings are stricter then others and may have a 90-Day minimum rental. There are other properties that are zoned "resort" and allows for day-to-day or week-to-week rentals. Be careful, always do your research before buying anything.

4. Check to see if the building allows pets.

-There is house rules that applies. If there are any restrictions, find out what type of rules that applies for what type of pets. Like how many pets are allowed, how much, what is the maximum weight allowable, and so forth. Often times a complex may allow only a cat and if they allowed dogs they may typically restrict the animal size and pound limit. What about adding a 50 gallon fish tank, is that allowable, do you need extra insurance to cover any unit damages, etc.

5. Are there any additions or improvements done to the unit without the necessary permits or condo association approval?

-Thisn may be a common problem with enclosed lanais. This type of improvement will probably require City & County as well as the association approval. If the enclosure was improperly or illegally done, the unit may be in violation of the condominium house rules and bylaws of the association.

6. Ask your lender if the condo/townhome you are considering meets the requirements for a loan.

-The most common issue that arises is the owner-occupant ratio. Ideally the lender would like to see a minimum of at least 60% owners living in the building or complex of a condo/townhome. Even needing to meet certain square footage may be difficult for some lenders. If the occupancy rate is significantly less this potentially could pose a problem with obtaining certain types of financing-especially for buyers with minimum down payments or investors.

7. Does the unit come with parking?

-Don't assume that every unit provides a parking stall. Find out how many parking stalls is available. Find out how many parking stalls comes with the unit. Are they covered parking or secured? Are they other stalls available for rent should it may be needed.

8. Is there any guest parking available?

-This is important to know if there is guest parking available. If not, are they any parking near by that allows guests to park there and walk over to the complex.

9. Does the building provide central air units?

-Find out if there is any central air conditioning units available. If so, find out who takes care of the maintenance and when was it last done. If not, can air conditioner units be installed.

10. Get a copy of the condominiums/townhouse's house rules and read them.

-Owners and occupants are expected to follow the association and house rules. Is there any part of the house rules you cannot live with? Some buildings will have restrictions on window coverings, they need to be a certain color like white or conform. Keep in mind that upgrades and improvements almost always need association approvals before the work is started.

Hopefully some or all of these tips become useful in searching for that suited condominium or townhouse. Always remember to take into consideration the monthly maintenance fees along with your mortgage payments and property taxes. It always pays to know in advance.

Good Luck, Happy Hunting!!!