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Top Questions to Ask When Buying a Condo

By
Real Estate Broker/Owner with PMI. Destin

Second family homes and investment properties are my specialty.  Condominium lifestyle definitely falls into this Niche.  In fact, a condo makes a lot of sense for an absentee owner because the maintenance of the unit is covered by the Association dues, including the cost of insurance which is a fact overlooked by alot of potential buyers.  

The top questions to ask about the condo units are:

1.  Condition?  What is the condition of the unit you are considering. The building and the entire complex.

2.  Common Areas?  Are they well maintained?

3.  For Sale?  How many are currently on the market and what is the turn over rate?

4.  Owner Occupied?  What percentage off the units are owner occupied?  Is there multiple units owned by one person or entity?

5.  Condo Fee's?  How much are the assocoation fee's and what do they cover?  Is there any special assessments currently planned?

There are a variety of other issues here with condo's but the pluss's definitely outweigh the negatives. If a beach side condo is an option for you and your family, give me a call and we can chat.  I love talking business.  

 

Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Peter Mohylsky  These are some intelligent questions to ask

Oct 07, 2017 02:00 PM
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

Good list; also is there any litigation the HOA is aware might be in the pipeline.

Oct 07, 2017 04:29 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great list, Peter. Examining the hoa documents is especially critical for condo buyers, as well as knowing what kind of financing they qualify for.

Oct 08, 2017 12:38 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Those are all great questions.  I would add, what does the budget look like - are the reserves well funded?  May you enjoy this blessed and beautiful day.

Oct 08, 2017 06:59 AM