20 Questions TO ASK WHEN BUYING A CONDOFebruary 14, 2020
- Condition? What’s the condition of the unit you’re considering—the building—the entire complex?
- Common Areas? Are common areas well maintained?
- 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?
- Reserves? Does the association have adequate reserves for emergencies and renovations? (If not, you could face a special assessment.)
- Board Temperament? What’s the temperament of the condo board? (Board minutes could reveal controversies.)
- Lawsuits? Are there pending lawsuits against the association or judgments you might have to help pay?
- Insurance? What does the association’s insurance cover? (You may need supplemental insurance to protect everything else.)
- Debt How much outstanding debt does the association have?
- Arrears? What percentage of the units are in arrears on their dues? 12. Assessments? Does the seller owe back fees or assessments that may become your responsibility when you buy?
- Neighborhood? What’s the neighborhood like? (Ask neighbors and walk the area at night and on weekends to check when residents are home.)
- Parking? Does the unit come with reserved parking?
- Guest Parking? Is there adequate additional parking for guests?
- Storage? Will you have extra storage space for bikes, paddle-boards and the like?
- Management? Is the association managed by a qualified professional company?
- Complaints? Does management handle owners’ requests and complaints quickly?
- Rent? Do association rules limit your ability to rent the unit?
- Restrictions? Will restrictions prevent you from changing visible elements such as the color of the front door or your window coverings?
Source Florida Realtors