What To Ask When Buying A Condominium

Sourced By: RBN Realty Biz News 

Before buying a condo, it's crucial to ask the right questions. Understand your ownership rights and the reserve fund's financial status. Familiarize yourself with the condo's rules and potential pet restrictions.

Look into the association's management and HOA fees, and inquire about any pending litigation. Upcoming HOA special assessments and resale potential should also be considered, as well as factors like parking, storage, insurance coverage, amenities, builder reputation, and community livability.

Seek consultation from real estate agents or attorneys to guide you through the purchase process.

Let's look at the questions to ask before buying a condo. These considerations should be explored before making a decision.

Understanding Condo Ownership

Before buying a condo, you must understand what you own and its financial aspects.

Here are two critical considerations:

What Exactly Do I Own?

When purchasing a condo, you buy an individual unit within a larger building or community. Knowing your unit's boundaries and what is considered joint property is essential. Are you responsible for maintaining and repairing certain areas, such as plumbing or the roof?

Understanding your ownership rights and responsibilities will help you make informed decisions.

How Much Money is in the Reserve Fund?

The reserve fund is a crucial factor to consider before buying a condo. It is a pool of money set aside for future repairs and maintenance of the common areas within the condo community. Knowing the reserve fund's current balance is essential as it indicates the association's financial health.

A well-funded reserve fund ensures sufficient funds to address unexpected repairs or replacements without burdening the unit owners with additional costs.

READ ON