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Buying a condominium ?
What do I need to look out for when buying a condominium? Do I need inspections since the association covers the structure? What about financials and rules? I have no idea what to consider.
Asked By Eric R. | Manchester, NH | 377 views | Buying | 1 year ago
Answer(6)
Chris Yochum
Dickson Realty
You will certainly want to do inspections and several types depending on what is recommended in your area and type of equipment. Your agent should be able to recommend appropriate inspections to be done. Read and understand the by laws, association budget, if they manage it well or not and if any law suites current pending on the association. Sometimes its a good idea to talk with people with in the community to see what others think about the association and how its ran.
- 1 year ago
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Bob Fall
Century 21 Lee-Mac Realty
Great question! Treat the property like a house purchase in the sense that you will own it. So, get inspections done. ALSO, read the covenants, by-laws, and rules the govern the condominium. Depending on how you write the offer to purchase, these should be considered part of the inspection period. It is a good idea to team up with a local agent that can help you understand these things.
Good luck!
- 1 year ago
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Janet Stanek
Lake Homes Realty
Have your agent check on what special assessments have occured over the past ten years and also any that are planned. Special assessments are in addition to your HOA fee and can become cost prohibitive if the association is not able to maintain the property within the budget of the HOA fees.
- 1 year ago
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Peg Walsh
Four Seasons Sotheby's International Realty
Excellent question. Request and review all the association documents, meeting minutes, by-laws, budget, insurance, reserves, etc.
- 1 month ago
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Britany Erickson
Coldwell Banker Preferred Realty
I always recommend an inspection on any real estate purchased. You need to know what is covered in your dues and the bi laws. You will also need to know who holds the master policy for the insurance and usually you can get a discount on insurance if you use the same company.
- 1 year ago
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Kathryn Mastandrea
Coldwell Banker Realty
Yes, you want a home inspection and request the budget, bi-laws, condo declaration, rules and regulation, board minutes and move in kits.
- 1 year ago
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