Living in a condominium means sharing some of the building maintenance responsibilities. The shared areas are called common elements.
In Washington D.C., the review period for condo documents is three business days.
What to look for in condo documents & what to consider when buying a condo
- Are there any special assessments? Special assessments are big projects like replacing elevators, windows, balconies and roof repair or replacement.
- Review the capital improvement fund. This is the money set aside so major projects can be funded. You want to know there is a sufficient amount of money in this fund.
- Review the minutes from previous meetings. What are people on the board discussing? Are there major concerns the board is reviewing?
- What utilities are included in the condo fee? Ask for a copy of a utility bill that is paid outside of the condo fee.
- How does the condominium building look? Are the hallways clean and well lit? Is there an easy way to dispose of trash? Is there a storage area and/or bike room? All of these things are a reflection of how well the condo association keeps up with basic maintenance.
- Talk to neighbors in the building. You don't want to be too creepy about it but hang out in the lobby and hallway. Ask the condo owners if they like living in the building. Is the management company quick to respond to needs and issues?
Here's a video of a condo home inspection featuring Jeff Pearce of The Pearce Group
Questions about buying a condo in Washington D.C.?