Must-Ask Questions Before Buying a Condo
You found your dream condo but before anything else, you need to answer seven most important questions before buying a condo.
- ?What’s the beef??
- Take a look at the minutes of the condo association board meetings to see what the owners have been griping about.
- “Who’s Been Naughty and Who’s Been Nice?”
- If people aren’t paying their association dues on time, that is either a sign of discontent or an indication that the association might be underfunded.
- “How Much Is In the Repair Fund?”
- Ask if the community has done a reserve-fund review in the past five years.
- “Can You Cover Me?”
- Get a copy of the certificate of insurance, which is a summary of the association’s policy.
- “Does the Association Present Any Legal Problems?”
- Contact a local real estate lawyer and have him or her go over the bylaws of the association.
- “Is the Complex Renter-Friendly?”
- Ask other tenants about their experience. In addition, ask to see the association’s rental lease, and have a real estate lawyer look it over.
- “Am I My Community’s Keeper?”
- Watch out for a condo whose owners manage the place themselves.