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Condo Buyers: Consider These Questions When Looking for Your Property

Purchasing a condominium means that you are going to have close neighbors.  It is important to consider the entire complex not just the unit.  Here are some questions you should have answered to make a wise decision:

Number of units in the complex

Percentage of owner-occupants

Monthly association dues

  •  What do dues cover?
  •  How often do they increase?
  •  Any anticipated increases?

Fee for transferring association membership?

What does the homeowner's insurance cover?

Is the homeowner's association professionally managed?

Amount in the Association reserve account?

  • Any large expenses anticipated?
  • How will your board manage your money?

Is the Association involved in any litigation?

Are pets allowed?

Can you rent your unit out?

How many parking spaces are included?

How many storage spaces are included?

What common facilities are included?

What do current owners like best about the complex?

What do current owners like least about the complex?

Is there soundproofing? Are the walls thin?

What's the type and quality of the water pressure, heating, and cooling systems?

Are sale prices increasing or decreasing?

How active are condo sales?