Questions To Ask Before Buying A Condo
If you're looking for condos for sale, you should work with a real estate agent who has experience finding these types of properties. Once you have found a condo you like, you need to ask the right questions to make sure the property is a good fit for your needs.
To ensure you're moving in the right direction, you may want to ask about the following.
Many condominiums have common areas, and when you purchase your condo, you will get access to these areas. Find out what they are. Does the condominium have a pool, a meeting room, a fitness center, a parking garage, or other shared spaces? You may also want to ask for information about the condition of these areas.
To understand why this is important, imagine you are moving to a condo with a pool because you love to swim. But right after you move in, the pool closes down for remodeling and you cannot swim for a year or longer.
If you had asked about the condition of the common areas, you could have avoided this unpleasant surprise.
Details About the Condo Association
Most condos have an association that takes care of common areas and other elements related to the condo. Before buying a condo, you should take some time to learn more about the association.
What are their bylaws? What should you expect when dealing with the association as a condo owner? You may even want to ask for proof of insurance or for details about the balances in reserve accounts.
In exchange for their efforts, most condo associations charge fees to the owners in the condo. Before buying, always make sure that you understand what fees you will need to pay on a monthly basis.
In addition, the association may have the right to charge special fees once in a while. For instance, if the building needs a new roof, all the owners may be expected to chip in. You need to understand what your long-term expectations are.
Plans for Expansion
To get a sense of potential long-term costs, you ask about pending projects or areas that are likely to need repairs soon. Additionally, you should ask about plans for expansion and if there is any upper limit on the number of condos that may eventually be added to the property.
The Condition of Converted Condos
A converted condo is a condo in a building that used to be a single family home. Before buying a converted condo, you may want more details about the mechanical, electrical, and structural elements in the condo. If so, consider requesting a report from a professional architect or engineer.