Questions when buying a Condo?

Considering a condominium? Take the time to research the community, talk to residents, review the condominium documents and study other data to answer there questions:

1.- Condition?
What's the condition of the unit you're considering - the building- the entire complex.

2.- Common areas?
Are common areas well maintained?

3.- For Sale?
How many condos are for sale? (A large percentage could be sign of problems)

4.- Owner Occupied?
What percentage of the units are owner occupied?
(Lenders may balk if the majority are rented)

5.- Condo Fees?
How much are the Condo/association fees and what do they cover?

6.- Reserves?
Does the association have adequate reserves for emergencies and renovations?
(If not, you could face a special assessment)

7.- Board Temperament?
What's the temperament of the condo board?
(Board minutes could reveal controversies)

8.- Lawsuits?
Are there pending lawsuits against the association or judgements you might have to help pay?

9.- Insurance?
What does the association's insurance cover?
(You may need supplemental insurance to protect everything else)

10.- Debt
How much outstanding debt does the association have?

11.- Arrears?
What percentage of the units are in arrears of their dues?

12.- Assessments?
Does the seller owe back fees or assessments that may become your responsibility when you buy?

13.- Neighborhood?
What's the neighborhood like?
(Ask neighbors and walk the area at night and on weekends to check when the residents are home)

14.- Parking?
Does the Unit come with reserved parking?

15.- Guest parking?
Is there adequate additional parking for guests?

16.- Storage?
Will you have extra storage space for bikes, paddleboards an the like?

17.- Management?
Is the association managed by a qualified professional company?

18.- Complaints?
Does management handle owner's requests and complaints quickly?

19.- Rent?
Do association rules limit your ability to rent the unit?

20.- Restrictions?
Will restrictions prevent you from changing visible elements such as the color of the front door or your window coverings?