Condos can be a wonderful alternative to owning a single family home. The exterior maintenance of the building...the lawn, the snow....are all taken care of...or is EVERYTHING taken care of ?
We were showing condos and our Buyers toured several units in one complex. The amenities included a clubhouse and a pool which meant monthly dues were a little higher than other complexes and our Buyers were pleased with the facilities and asked us to secure the condo documents for their review.
Secure we did....and learned that the Association had not collected sufficient dues in escrow to replace all the roofs in the complex...and now was the time that they needed replacing. A bid had been secured and the work was to be done over a period of time with each unit owner being told what the assessment would be and when the two payments were due which totaled five figures. Because not all units were the same size and floor plan, assessments varied by style.
Some of the Sellers in the complex, we think wisely, said that they would be responsible for the roof assessment with their listing. After all, Buyers were not residents...could not have known that the treasury was far short of being funded for this needed replacement.
Many perspective Buyers of ANY condo complex would assume that roof replacement would be something the association would plan on replacing. Sometimes Buyers assume that the association always replaces windows...they do not "always". Few things in life are always or never.
Before you purchase a condo that will have a treasury that is responsible for repairs and replacements...ask the questions. Who is responsible for...how many dollars have been allocated for...How old is the roof ...what is the cost of maintaining....the pool, the park etc. One can learn many of these things reading the mountain of condo documents. Make your list of questions before and after reading the documents...and when you have read them once...sleep on them and read them again.
When it comes to condo and home ownership...the best surprise is no surprise...read the small print...ask the hard questions...have a qualified Realtor represent your interests.
If you or anyone you know is considering the purchase of a condo or a single family home, Call the Hansons, we read the small print and represent your best interests as a Buyer's agent. We want your happily ever after to be just that...Happy !