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BUYING A CONDO? Twenty Questions You Should Ask

The June, 2017 issue of “Florida Realtor” listed 20 excellent questions you should ask and answer if you’re thinking of purchasing a condominium. A good many of these are also appropriate if you’re considering buying a home governed by a homeowner’s association. The questions are:

  1. Condition? What’s the condition of the unit you’re considering; the building; the entire complex?
  2. Common Areas? Are they well maintained?
  3. For Sale? How many units are for sale (a large number could indicate a problem)?
  4. Owner Occupied? What percentage are owner-occupied (Lenders may object if a high percentage are rented)?
  5. Condo Fees? How much are the Association fees and what services do they cover?
  6. Reserves? Does the Association have adequate financial reserves for emergencies and renovations (If they don’t you could face a special assessment)?
  7. Board Temperament? What’s the temperament of the Association’s Board of Directors (Do Board minutes reveal conflicts and quarrels between Board members)?
  8. Lawsuits? Are there pending lawsuits against the Association or judgements you might have to help pay?
  9. Insurance? What does the Association’s insurance cover and what does it not?
  10. Debt? How much outstanding debt does the Association have?
  11. Arrears? What percentage of units are in arrears on their dues and how much money does that total?
  12. Assessments? Does the Seller owe back fees or assessments that may become your responsibility when you buy?
  13. Neighborhood? What’s the neighborhood like (ask neighbors and walk the area at night and weekends when residents are at home)?
  14. Parking? Does the unit come with reserved parking?

 

Filed under: Blog by Erin Hudson

Grande Realty Team

PATTY VISCONTI
Realtor

Phone- 407-234-8426

Fax- 407-641-8627

patty@grgorlando.com

Erin Hudson
Broker Sales Associate

Phone- 407-694-3489

Fax- 407-641-8627

erin@grgorlando.com

Patty Visconti - Grande Realty Group

PATTY VISCONTI
Owner/Realtor

Phone- 407-234-8426

Fax- 407-641-8627

patty@grgorlando.com

Erin Hudson - Grande Realty Group

Erin Hudson
Broker

Phone- 407-694-3489

Fax- 407-641-8627

erin@grgorlando.com

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