BEFORE YOU BUY A CONDOMINIUM
DO YOUR HOMEWORK
Before you buy a condominium unit, you must consider several things. While a condominium often seems to be an all-inclusive package, it is very important that the unit be checked out as thoroughly as any house. When buying a condominium, try to determine the following:
  • Is the complex, as a whole, a place you will feel comfortable to live in?
  • Are the rules and regulations of the condominium acceptable to your lifestyle?
  • Try to find out who your immediate neighbors will be. The nicest condominium in the world is not a bargain if you have bad neighbors.
  • Check the financial status and situation of the complex into which you intend to buy. Check for "special assessments". These are expenses the condominium incurs for projects or repairs that have not been budgeted for. In this case, the individual homeowners are assessed an equal share of the cost of the repair for the intended project. A well run and maintained condominium rarely has the need for special assessments or may have a one time special assessment for projected repairs and ongoing maintenance. The prospective buyer would be wise to learn if the complex has had a history of special assessments or may have a special assessment projected for the immediate future that the buyer may be subject to.
KNOW THE COMPLEX
When buying a condominium, it is a good idea to stop by and get to know the complex. To accomplish this, try the following:
  • Do you know anyone who lives in the complex? Find out what their experience has been and what their feelings about the complex may be.
  • Introduce yourself to your immediate neighbors and get a feel for the environment you'll be moving into. Also, ask them if they are owners or renters.
  • Askfor a list of all improvements made to the unit or any problems the current tenants may have encountered during their residency.
  • Try to find out the approximate utility costs for the unit.
  • Discover percentage of owners to tenants

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