How to Avoid Mistakes When Buying a Condo

The convenience of living in a condominium is reflected by the absence of a whole set of worries homeowners of traditional houses face. In many condominiums, the outside maintenance is provided--as well as the maintenance of common areas. However, there are unique circumstances in purchasing a condo about which even long-term homeowners may not be aware. It definitely pays to do your homework before relaxing into the condo lifestyle.

Difficulty: Moderate

Instructions

Talk to other condo owners.

1. Start by talking to as many condo owners as possible in the complex/building you are considering. Ask specific questions about the following:

2. Ask their opinions about the condominium rules themselves and how well the condominium rules are enforced

3. Ask in what way residents are informed about building issues: meetings? Emails? Postings in common areas?

4. Ask about the quality of the maintenance, including questions like how often the windows are washed, elevators are cleaned, etc.

5. Ask about the approachability of the condominium’s management company and their response time.

6. Ask about the interior noise level as well as the neighborhood noise level and any other concerns you might have.

7. Ask about their general monthly bills for utilities.

8. Ask their opinions on the security level of the condominium.

Meet with a member of the condominium board.

9. Review the condominium association rules. Ask for specific information on such issues as the following:

10. Ask about maintenance and usage of the common areas (can you, for example, reserve the pool for a pool party)

11. Check the rules for governing rentals in the community (for example, some condominiums set a percentage for how many renters are allowed)

12. Ask about condominium association dues, what they cover, what kinds of increases there have been over the last three years, and exactly what the dues are used for.

13. Ask about special assessments that have been made in the past or may need to be made in the future (such as roof repairs) and ask how much money is held in a reserve fund for emergencies.

Ask your realtor to have the following items delineated in writing in your contract:

14. Include information about parking; know how many spaces you are allowed, whether it is covered parking, and if the parking is permanently included in your purchase price or condominium dues.

15. Include information about storage (not only how large an area but also where it is located)

16. Include information about what specific utilities are included in the condominium dues and which ones are not.--