3 Things to Look for When Buying a Condo

1. HOA & Other Associated Fees

When you purchase a condominium in a planned community, this property will most likely be under the jurisdiction of an HOA or homeowner association. One of the draws of buying a condo is that you won’t have to deal with routine maintenance like mowing the lawn, or shoveling a path through that pesky snow — that’s what the HOA is for. But this convenience comes at a cost.

Before you’re ready to seal the deal, you should find out exactly what “other fees” come along with your property purchase, what these fees cover and if they’re likely to increase anytime soon.

2. The Rules & Guidelines for the Community

Living under the comfort of an HOA may seem like a saving grace, but if you don’t ask the right questions prior to purchase, it could end up being a nightmare.

Keep in mind that the HOA sets the rules. HOAs function like a mini governments, setting the ‘law of the condo land’ and they even have the legal authority to impose you with penalties such as fines.

Before deciding to buy, get your hands on a copy of the community’s “Covenants, Conditions & Restrictions” or CC&Rs and give them a thorough read. Are you able to decorate for the holidays? Can you rent out your unit? What about your beloved pet Sparky- can he come along? You’ll want to make sure these rules are ones you can live with.

3. Experienced Management

Whether the community you’re interested in is managed by a third party, or the condo residents themselves, you’ll want to get a good feel for the management team before committing to a contract. Is the team quick to make fixes? Are they organized? What are the grievances of others in the complex? Look for and ask about any red flags.

For more information and to make sure you know who you’re dealing with, interview them yourselves or ask your realtor to get a copy of the minutes from the last management meeting.

Whatever you do, you want to know that those in charge are professional, responsible and likely to respond to any problems or concerns quickly and efficiently.

When it comes to purchasing a condominium, don’t make the mistake of committing before you know all the details. While all of these pieces seem a bit intimidating, this is something your real estate agent is there to help you with.

Use me as a resource to figure out all the details and decide if this specific condo is right for you. Contact me today!

*Exerpt courtesy of Proprtu Simple