Guide To Buying A Condo
Owning a condo means living in a multi family style. This also means that before you rush to go and buy your condo, you need to take into account certain factors.
The buyer should, if possible, go through the minutes of the condo association meeting. These can provide a clue as to how the association functions and also give the buyer an idea about projects that the association is working on or has planned that he does not know of or has not been informed by the seller.
It is also a good idea to find out details of association dues. If people have not been making the payments regularly to the association it could mean that the residents are unhappy with the management and the association is under funded. The buyer should ask the seller and the association when the community has performed a reserve fund review in the last 6 months. If the maintenance fees are extremely low, it may mean that the building is badly maintained and could be in a state of neglect.
It is of utmost importance that before you buy the condo, you get a copy of the association’s insurance. This will reveal what it covered by the association and what is it that you would be responsible for.
It is advisable for a prospective buyer to go through the bylaws of the association with the help of a lawyer. Another precaution would be to have the lawyer screen the association at the local courthouse to see if there are have been any cases filed against it.
The condominium should have clear cut rental policies. Get a real estate lawyer go through the association’s rental policies to get a clear insight into it. It is usually a good idea to avoid condos that are self managed. Self managed condo can cause a lot of headaches specially if you do not intend living in the condo and stay far from it.
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