Don't assume that buying a condominium is the same as buying a house. You are buying a small town and a house together, and you need to do your homework on that town
Don't select an inexperienced realtor to represent you or none at all. Buying a condominium has many nuisances that are not like buying a stand-alone home. Choose a realtor who has experience in condominium sales, preferably one who knows about condominium management issues.
Determine your total cost of ownership. What utilities and amenities are included in your monthly condominium fee and those that are not, plus mortgage, taxes, and insurance.
Get a clear understanding of what your insurance needs will be based on what is or is not a common area
Make sure you review all the pertinent condominium documents (Master deed, etc.) that contain the rules, regulations, fees and fines that apply to the condominium. Have your realtor get all these documents from the home seller, management company and/or off the counties clerk’s office website
Get a copy of their financial statement, check if they have adequate reserves and what are their major re-occurring expenses
Make sure that there are not any upcoming special assessments that need to be paid by owners. Your realtor needs to investigate this for you, and the seller is supposed to inform you.
Investigate if there are any impending lawsuits (talk to board members and the property management company to get this information if they have one.)
Find out from the head of maintenance, board president, or property management company if they are any major deferred maintenance projects (new roof, elevator, parking lot re-pavement, etc.
Find out who the board members are and talk as many as possible
Talk to current owners to get a good idea of what it's like to live in the community.
Although the information provided by Cond Wise Workshop is the result of input by both professional and expert real estate participants and owners of condominiums, The content provided is for general informational purposes only. It is by no means intended to imply an individual client business relationship with the reader/user in any shape or form.
The content and information provided should not be considered specific to your particular real estate needs, problems, or concerns, and is not to be used as substitute for competent consultation from a professional occupation that services the real estate industry.
It is highly recommended that the reader/user seek out professional real estate advice and consultation from certified real estate agents and brokers, licensed attorneys and professional accounts and other certified professional related to the real estate industry for all of their individual real estate transactions and activities
Codo Wise Workshop is not liable for any damages or loss that the reader might incur by the reader/user for not seeking professional advice and, for any action taken or not taken as a result of the information provided by the content of Condo Wise Workshop
