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Buying a Condo? Things to Ask About

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Real Estate Agent with Coldwell Banker Realty MD RE License 579412

Buying a Condo? Things to Ask About

Have you decided that a condo is the right type of property for you to purchase? There are many things to consider when buying a condo that doesn't come into consideration when buying a property in an HOA, a rowhouse, or even a single-family home. Here are a few questions you should consider when considering this kind of home.

  1. Does the condo qualify for the type of financing you need?
  2. Is there a separate HOA with separate fees?
  3. What are the condo fees, how often are they paid and what do they cover?
  4. What are the association rules? Be sure to read the covenants and bylaws carefully before you settle. 
  5. How is the condo association and building managed? And, by whom?
  6. Do I need to attend condo meetings? When are they held and where?
  7. Can I see the condo board's meeting minutes?
  8. Can I see the association's latest financial report and annual budget?
  9. How much money is in the reserve fund? Has a reserve study been done?
  10. Are there any special assessments due or planned?
  11. What is the ratio of owners to renters?
  12. Is there any pending litigation against the condo association?
  13. Has the building invested in any green energy initiatives?
  14. What are my repair and maintenance responsibilities?
  15. Has the building had a recent structural inspection and assessment?
  16. Do I need insurance?
  17. What are the boundaries of my unit?
  18. Is there parking for condo owners? Is there parking for guests?
  19. Can I run a business out of my condo unit?
  20. Can I rent out my unit?
  21. Are short-term rentals allowed?
  22. Are there any pet restrictions?
  23. How noisy is the building?
  24. What exactly do I own?
  25. What is the potential resale value?

Condos aren't always multi-unit buildings, they can also be townhomes and in that case, you will also want to ask whose responsibility it is to cut the grass outside your unit.

This list of questions is not exhaustive, you may have other questions you may want to ask in addition.  

Are you thinking about purchasing a condo? Let me help guide you through the process. I will help you decide what kind of condo is right for you and help you identify the things that are important to you as you start or continue your journey to home ownership.

 

 

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Creating generational wealth, one home at a time. If you are thinking of buying a home,  did you know I can help you find a home for as little as $1000 of your own money?  Thinking about selling a home in  Maryland give me a call at 410-292-0100 or start your search here and I'll talk about the market conditions and what your home could be worth in today's marketplace if you are thinking of selling.  If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone are worth the plunge into today's market. Coldwell Banker and I are connected with some of the world's brightest and best real estate agents and can assist with your move here to Maryland or anywhere in the United States or abroad.  Ask me how.

During these trying times, Coldwell Banker and I are equipped with the latest technology to sell your home using Virtual Open Houses, Virtual showings, electronic signing, virtual inspection, and even online closings.   You can contact me through Snapchat, Duo, Skype, Google Chat, WhatsApp, text messaging, or simply by phone.  We take your and your family's health and safety very seriously.  

June Piper-Brandon ~ Associate Broker ~ MRP, AHWD, CDPE, ePro

Coldwell Banker

410-292-0100 - Direct   410-461-7600 Office

June Piper Brandon - Agent with Century 21 New Millennium

June Piper Brandon - Agent with Century 21 New Millennium

Comments(7)

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

All great questions, now to make it easier buyers just need to reach out to you and you would help them with these questions, Endre

Jun 08, 2024 09:11 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Some of that is unique to each person but some of that stuff that I’ve never thought about in that context so definitely thank you for making me think. :)

Jun 08, 2024 11:48 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Jun 09, 2024 02:40 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

 Thanks for sharing, make it a great Sunday and enjoy your weekend!

Bill Salvatore, Realtor- Arizona Elite Properties

Jun 09, 2024 03:25 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello June - a good list for a potential buyer of a condo.  While not right for everyone, living in a condo can offer an ideal opportunity for others.   Answers to the questions in your post can help them make an informed decision.   

Jun 09, 2024 03:45 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning June. So many never ask for the correct information until it is too late. Most states have disclosure rules but receipt of the documents does not mean a potential purchaser reads them. Enjoy your day.

Jun 09, 2024 06:04 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

This is an excellent list, June. Buying a condo is not quite the same as buying a single family home. And I know lots of agents who wouldn't know the questions to ask, much less buyers.

Jun 09, 2024 09:32 AM