What Should I Look For In A Condo?

Wow, what a question! In this article we’re going to identify and touch upon just a few key items that should be reviewed prior to purchasing a condo.

Will the condo I choose suit my current lifestyle? The style of condo community a buyer decides to purchase is arguably the single most important factor to consider when considering condo style living.

One of the major reasons why home owners choose condominium living is because of the specific lifestyle they may offer. Make sure to study all of the choices carefully prior to making a purchase offer. Consider interviewing as many community residents in order to gain an appropriate perspective. Before signing on that dotted line, it will behoove any future condo owner to carefully determine what amenities will be best utilized and which are going to be most important to their desired style of living.

How much are the fees? The price sounds great, the location is excellent, and the on-site amenities are amazing. Now you’re about to find out why the unit you just viewed has been listed for over 400 days…… the fees are outrageous. It turns out that all of those years that the residents voted down fee increases and deferred maintenance until the problems fixed themselves have come to roost. Keeping fees unsustainably low and procrastinating on basic maintenance items will inevitably make for tough choices and often times, painful fee increases. Choices of style or local building codes may also impact how much a condo community spends on maintenance or upkeep. Cedar shake shingles and features such as electronically controlled gates are examples of items that are sure to require maintenance and are likely to carry a premium.

Who’s in charge? Before plunging head long into your new carefree lifestyle as a condo owner, you may want to find out exactly who’s in charge of the condo association. Find out who that person is and see if you can make personal contact. If the head person in charge is difficult to contact, precede with caution, this may be a bad sign. The chain of command should always be clear and easy to contact. Someone should always be able to attend to your question within 1-2 business days and an emergency contact should always be easily identified.

Read the ALL of the condo documents. This is very important. Before making any purchase you should always read your condo documents and bylaws and make sure that every word is understood. Not reading, and consequently not understanding your community’s bylaws could have a stifling impact on the living arrangement you’ve envisioned. Seeking counsel from a real estate attorney is always advisable when making a condo purchase in order to insure you’re truly getting what you pay for.

What types of financing are approved for my condo community? Even if you’re paying cash one should definitely check into what types of financing are available when considering a purchase. You may not need the financing yourself, but the person who may purchase your condo when you resell it, likely will. Whether or not your condo community is approved for FHA financing may seriously impact the resale value of your condo. A list of condo units approved for FHA financing can be found on the Department of Housing and Urban Developement's website.

When embarking on any condo search it’s very important to be armed with an abundance of information. Making the decision to move into a condo community can be a very rewarding experience if the client is appropriately informed. Prior to making your decision to purchase a condo you should always consult with a Realtor that is familiar with your housing needs and the local condo market.

View a complete and downloadable Condo Checklist on our website or contact your local Realtor – Greg Watson if you have additional questions.