When you are buying a condo, you have to do a lot of research. Here are some key items that should be on your condo buying checklist.
Review the Association’s Financial Information
You want to examine a condo association’s most recent audited financial statements as well as the current operating budget. It is important to ascertain whether a condo is in good financial condition and has adequate reserves.
Do a Home Inspection
Some homebuyers opt to skip a home inspection when they are eager to close. Omitting this crucial step can lead to extremely unfortunate surprises.
Read Rules and Regulations
Some associations have stringent rules about how their residents may use their units. Check for restrictions about things that you may not be okay about such as policies against pets or renting units.
Check Out the Management Company
Poor management can make living in a condo building unpleasant for residents. Find out about a building’s management and verify that it has necessary professional credentials.
Find Out About Assessments
Inquire about a condo building’s most recent assessment and what it covered. Make sure to address outstanding fees for an assessment in your purchase agreement.
Do not forge ahead with a purchase if any item on your checklist is not quite right. Thorough research will help assure that you will be happy with your new condo.