Like people, condos have reputations. And the reputation, good or bad, will influence what people are willing to spend to live there.
My first condo was in a building that had been purchased and renovated by the tenants. We did the project as a joint venture with an out-of-area developer. It was not pretty. Neither was our reputation when the project was completed.
Luckily, I sold my place at the first opportunity and bought my house. But the people who stayed had a tough time.
There were a lot of young attorneys in the building, and they never met a problem they could not solve by litigation. It was a very acrimonious conversion, and half the people in the building were not speaking to the other half when the process ended. The work done was uneven, and a lot of it super shoddy. It took the building a couple of decades to recover.
Before you obligate yourself to buy a condo, check out the building and its reputation. And try to get the following information before you are obligated to buy the place:
- Look at the budget. If there is a big number for legal fees, that might be a reason to pause. There are almost always better ways to resolve conflicts.
- Ask to see the minutes of any meetings. That will give you a good idea of what the issues are that could impact the unit's value.
- Check out any pending major work, like a new roof, elevator or redecorating projects, and make sure there is already money set aside ot pay for it.
- Talk to people who live in the building to see how they like living there.
Here in Washington, there is a long list of information you get once you and the seller have an agreement, and you have three work days to read and approve of these documents.. Should you find something you are not comfortable with, you can void the contract.
Some condos are really well run and great places to live. Others are a pain.
You want great place to live!
Find what you need?
See More Blog PostsAbout Real Estate! SEE MORE NOW!