When you have found your dream condo in Boulder CO, you should think rationally. There are some factors you have to consider before buying a condo, so do your research first. If you do not give it some consideration and rush into the transaction, you could be making a serious mistake.
Peruse the minutes of the condominium association board meetings to check what sort of complaints condominium proprietors have made. If there are a number of complaints concerning the plumbing or the condition of the garden, it will be possible to evaluate the performance of the condo management. Even when you don't see many complaints, reading the minutes will give you a great handle on the type of projects that are being planned and which the seller might not have necessarily informed you about.
Check if you can get information about the type of delinquency rates that are prevailing among the condominium owners with respect to payment. If owners are not paying their dues to the association once they fall due, this might be a sign of their displeasure with the state of affairs. It could also hint at a squeeze on association finances due to the non-payment.
See if the reserve fund has been audited in the previous few years. Lester Giese, a popular expert on real estate, says that when the condo is less than ten years old, the reserve fund is supposed to hold 10% of the cost of the assets that have to be replaced (such as roads and roofs). This should be approximately 25% for buildings between the ages of 10 and 20 years and 50% for condominiums that are over 20 years old. If the upkeep costs are unrealistically low, the residents could be happy, but there is a great likelihood that the structure was not properly maintained.
Ask for and study a copy of the certificate of insurance that will contain an abstract of the insurance policy taken out by the association. The insurance needs to be sufficient to cover the costs of rebuilding and enough to cover the expenses of upgrading the structure to the building code. This may also give you an idea of what insurance coverage you have to get separately on your personal possessions and your personal effects that will be kept within the condominium unit. When you have difficulty in deciphering the technical jargon within the policy, bring the certificate to your insurance agent and request for his advice.
If you are looking for condos or other real estate in Boulder, CO, consider REMAX Alliance and BoulderHomeSource.com. They have the experience and search tools you need to locate homes for sale, condos and other real estate throughout Boulder County.
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