Buying a condo isn’t exactly the same as buying a home. With a condo, you have to consider both the unit you are buying as well as the condo project as a whole. So, before you buy a condo, make sure you know the answers to some important questions.
Ask about the condo association’s rules and regulations and be sure to request a copy for your review.
Find out what the monthly condo fees are and, more importantly, ask exactly what the fees cover and whether any owners are delinquent in their payments.
You should also ask about the financial condition of the condo association, how much money is in the association’s reserve fund, and whether any special assessments are anticipated.
Ask if there are any pending lawsuits against the association, what the association’s master insurance policy covers, and whether any of the units are currently in foreclosure.
Lastly, talk to some of the current owners of other units. Ask them what they like best – and least – about their unit and the overall complex.
