Condominium living offers lots of advantages. There once was a time when condos were pretty much only found in urban areas like Midtown Atlanta (or your particular city). But as the building race took off, townhome communities built far from any city center were also built with condominium ownership. But it pays you, as an owner, AND as a potential buyer to know what's going on in your community (or building however you wish to describe it.)
I read an article in the New York Times this morning about a condo owner that had a contract on her unit, only to have the Buyer's attorney learn from the Condo Board Minutes that the HOA was suing the developer for repair of structural issues in the building.After trying to negotiate a lower price, the buyer backed out on their contract.
So it made me think.....do YOU know what's going on in your building or community? Do you ever attend your monthly Board meetings? (My last condo could not even get enough owners at the ANNUAL meeting to vote on business.) I think many people that buy in a condo building feel that they don't have to, or need to worry or be bothered with these kinds of details.
Until your potential sale is derailed. Then it's suddenly an issue.
If you live in a condominium community, you just might want to pay attention to what's happening around you.
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