Before you jump into buying a condo, there’s 10 questions you should know the answer to:
1. How much are the monthly condo fees and what does it go towards?
2. What are the specific rules of the condominium?
3. How much is in capital reserves and how much gets funded every year?
4. Any contemplated or pending special assessments?
5. How is the association managed: professionally or self?
6. Is there any legal stuff happening that the condominium is part of?
7. How many of the units are lived in by their actual owners?
8. What’s the condominium fee delinquency rate?
9. Do you actually own certain common areas such as porches, decks, storage spaces and parking spaces, or are they use rights?
10. The master insurance policy, what does it cover?
Have you ever bought a condo? How did that go? Leave your thoughts in the comments.
For more on these, check out Things To Know Before You Buy A Condo over at Cheapiosity.