Tuesday, October 10, 2017

20 Questions for Buying a Condo

20 Questions to Ask When Buying a Condo

   according to FloridREALTORS®

  1. Condition? What is the condition of the unit-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 a sign of issues)?
  4. Owner Occupied? What percentage of the units are owner-occupied? Some lenders may dislike large majorities being rented.
  5. Condo fees? How much are the condo/association fees, and what all do they cover?
  6. Reserves? Does the association have adequate reserves for emergencies and renovations?
  7. Board Temperament? What is the temperament of the board? Looking at board minutes could reveal tensions or controversies.
  8. Lawsuits? Are there any pending lawsuits against the association or judgements you may have to help pay?
  9. Insurance? What does the association's insurance cover? You may need supplemental insurance to cover everything else.
  10. Debt? How much outstanding debt does the association have?
  11. Arrears? What percentage of the units are in the arrears on their dues?
  12. Assessments? Does the seller owe back fees or assessments that may become your responsibility after you close?
  13. Neighborhood? What is the neighborhood like? Ask neighbor and walk the area at night to check it out and see when residents are home.
  14. Parking? Does the unit come with guaranteed parking?
  15. Guest Parking? Is there adequate parking for guests as well?
  16. Storage? Will you have extra storage for bikes, equipment, tools and the like?
  17. Management? Is the association managed by a qualified professional company?
  18. Complaints? Does management handle owners' 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 your front door or window coverings?

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