Ten questions to ask before buying a condo

traynor condoBuying a home is a very important decision, one of the most important you’ll ever make. There are lots of questions that need to be asked and answered.

Furthermore, for many people these days, the first home they buy is a condominium. Most of us understand houses to a large degree as most of us grew up in them. But condominiums are a little different and require more questions and answers.

Before you buy a condo, there are 10 questions you should know the answer to:

1. How much are the monthly condo fees and what does it go towards?

2. What are the specific rules of the condominium?

3. How much is in capital reserves and how much gets funded every year?

4. Any contemplated or pending special assessments?

5. How is the association managed: professionally or self?

6. Is there any legal stuff happening that the condominium is part of?

7. How many of the units are lived in by their actual owners?

8. What’s the condominium fee delinquency rate?

9. Do you actually own certain common areas such as porches, decks, storage spaces and parking spaces, or are they use rights?

10. The master insurance policy, what does it cover?

 

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